Insurance questions -- confused

[atlasfever]

Hi there,

I recently purchased a flat, and am now refurbishing it. I know that my building has insurance, though I understand that it applies to the building itself, and not to the contents of my flat. So, what does one do?

1. Before I actually move in, don't bother buying insurance for contents?
2. Buy contents insurance prior to the finish of the build in case some design furnishings are damaged along the way (marble slabs, chandeliers, etc?)
3. Is there a different form of insurance that I need?

Of course, my contractor has his own insurance, but could I be liable for any accident that takes place? I mean, what if a fire starts in my flat.... I don't mean to be overly dramatic, but I do believe that if anything goes wrong, everyone starts the blame game

It's my first flat purchase, so I really am new to this -- thank you.

 

[worms]

I would think you would want to be insured from the day of purchase - although you need to alert the insurance company if you are not in residence and have left the keys/security in the hands of contractors.

Having said that, once the blame game starts, I believe they would go after the easiest target with the deepest pockets, which might not be an uninsured first-time buyer!

 

[Flyfisher]

Have you read through the insurance policy for the buildings cover?

Also, what are the management arrangements for the common areas within the block? It's quite usual for all the residents to have a say in these matters so if you have any specific concerns ( after reading through the actual policy) you may be able to bring them up at at the next meeting.

 

[Nigel Watts]

The need for a burglar alarm, window locks and other security devices is often driven by the terms of the insurnace policy, so it's worth reading carefully.

 

[Penners]

All good advice above, which I thoroughly endorse.

You need to know exactly what the buildings cover covers you for. There could be several grey areas, such as smashed down doors, windows, etc. And, as Nigel suggests, you need to be sure that the requirements of the insurer as to door and window locks have been fully complied with.

When come to buy your contents cover, you should definitely make it clear to the insurer that you are having building work done, and the precise circumstances under which this is being carried out. And don't skimp on your valuations of your contents, otherwise you may find yourself under-insured. Watch out for any policy stipulations on named items above a certain value.