Insurance Companies

I have a property in Mallorca which I intend to let occasionally. I want insurance particularly for Public Liability, but I feel that insurance firms only give a comprehensive package which includes buildings, contents and Public Liability. I would welcome any advice that anyone might be able to give me. The property is an apartment in a complex so I dont think I will need to insure for the rebuilding cost.

My advice is to go for the comprehensive package.

Can you afford to lose your investment if the place burns down?

Even if you could afford to lose the property wouldn’t a prudent investor protect their interests? – at the end of the day you are talking about maybe saving a few hundred pounds but put yourself at risk of losing many thousands.

I am assuming that the property is not insured as a whole block by a management company?

Is it down to you to insure your part of the building?

If the building is insured under a ‘block policy’ – it is highly likely you would have property owners liability covered as part of the package anyway.

I have a small property management company that I just started and I’m trying to figure out how much insurance I should purchase? I am dealing with individually owned condos in various parts of CA and Fl. A total of 150-300 units.

$1 million is a nice round number. But the E&O insurers should be able to advise you of what is typical, or recommended based on your activities.

Don’t forget to buy director’s liability and embezzlement insurance as well, if you have any employees who have any possible access to funds.

The other day I was getting in my car after leaving an ATM, and the person (who seemed to have a gun) approached me and asked me for my money and then I guess he saw my ring and asked for that too. I reluctantly gave them up, knowing that I have my ring insured, but now I’m wondering how the process works. Do I just turn my police report into my insurance company? Or do I need to make a claim with them? And how soon can I get the money for my ring and replace it? Does anyone know?

What an awful experience . I’m so sorry that happened to you ….

Yes you will need to contact your agent to file a claim. They will need the police case# and if you happen to have a copy of the full police report you should offer to give them a copy as this should speed things up… although some company’s have a policy that they have to order it them selves … but ask any how… now you mentioned that you have the ring insured .. do you have it insured just for what coverage the standard policy covers or do you have that ring specifically insured for its appraised value??? If that is the case you will likely get more paid for it and usually with no deductible (but you pay a bit more in premium for the coverage how ever if its an item you wear daily well worth the extra) If you have a good photo or two of your ring that can be helpful …….. as far as how long it will take it depends on allot of factors but normally about 2-3 weeks give or take …… Good luck and again sorry you had to face such a person

I own a flat and want to buy insurance for it against calamities like earthquake,fire, etc. Which is the best general insurance company in India for the same?

Select the basic cover with Earthquake + Terrorism. You can get 50% discount in Premium (excluding Add on premium for Earthquake and Terrorism) if you plan to take a policy for 10 years or more. So fix the tenure first. Then contact any PSU. You can compare the premium quoted by The Oriental Insurance Co. Ltd., New India Assurance, National Insurance and United India and take a decision.

I live in Scotland and am due to move house next week. I’m having problems finding an insurance company who will insure the house due to the survey stating "the property has been affected at some time in the past by some movement…" though later they say …"the movement is in our opinion comparatively longstanding as there is no evidence of any recent/continuing movement".

Does anyone know of a "high street" insurance company that will insure the property? I don’t want to go to a specialist as no doubt they’ll charge an arm and a leg.

Thanks.

You will have a problem with this,it is normally mining subsidence and insurance companies are loath to even touch it.good luck with it,but i hold not much hope.

I am having major issue with my property insurance company, and feel I need to take them to court to get my claim through. However, lawyers are expensive, and I wonder if there are other type of organizations or companies I can contact for advice and assistance.
This is btw in Australia.

You can file a complaint with your state’s insurance commissioner/department of insurance. I think most state insurance departments have a website with information on filing a complaint. You should be able to find it easily using a web search engine. If not, check http://www.naic.org for a list of insurance commissioners. Good luck!

I’m making a claim with MetLife home insurance, on some water-damaged electronic equipment of mine. It’s my belief that I can salvage some of the parts. I want to buy the equipment back, but my claims adjuster is denying me the chance. What can I do?

nothing, you have no legal right to buy it back, if it is being totaled, they have the right to the salvage value. If it is not as damaged as claimed, then they should have paid less and let you keep it.

But when it is totalled out, they have the right to decide.

Yes, they can. They share the loss, depending on how the policies are written. There is ALWAYS a provision for sharing the cost of a loss, for car insurance, because it frequently happens that a car is insured on two policies, like whenyou switch from one company to another.

You do NOT get "double payment". The cost is shared, between the two companies.

My property insurer paid for emergency repairs to my building, but the contractor’s bills is astronomical. My insurance company says I am out of luck but I don’t think this is fair. Can I dispute it? Does the appraisal process apply to this sort of situation?

How about talking to another contractor or two.

If the contractor’s estimate is "astronomical"….problem could be with the contractors estimate. The insurance company is not required to pay an inflated estimate.

Go to a local agent. It’s NOT going to be under 5% of the REPLACEMENT value of the property. The actual rate is going to depend on the type of business in there, the construction type, alarm status, etc.

If it’s not currently insured, you’ll have a harder time finding insurance. If there’s unrepaired damage, vacancy, or outdated major systes, or poor claims history, you’ll have a harder time.

A local, independent agent can get you some quotes. Usually minimum premium for a property only policy is around $1,000, even if 5% is lower than that.