Another insurance question.
This is from the FAQs on the Intasure website:
"Apartment Rebuild
Question
I would like to insure an apartment in Turkey, there are four apartments in the block, how would it be handled if, for example,
the apartment below me was not insured. Presumably a rebuild would not be possible, would a straight payment be made?
Answer
If the other apartments are uninsured then the loss adjustor may take the decision to make a cash payment based on the
average of three quotes to rebuild your percentage of the entire block. If for instance it would cost £125,000 to rebuild the
whole block and there were four apartments then you would get £31,250."
It was actually slightly worse than this as when I spoke to Intasure they added that they would also deduct any payments that would come from a claim on the DASK policy.
We are in a block of six apartments and it seems crazy that we are paying insurance on our property but will only be able to actually have it rebuilt if the other five owners have got insurance to cover their proportion of the block rebuild costs. The outcome would be that we would get just a fraction of the value of the apartment and certainly not enough to buy another one - not exactly why you pay insurance in the first place!
It seems like the only way to be sure that you are properly insured is to have block insurance or better still insurance to cover the whole of the complex.
Is there anybody who has any thoughts or advice on this?