Management Co Insurance Query

[KAZZA]

We pay our management company a figure annually which includes insurance. I thought this was just insurance for a common area say the steps leading to our duplex or any other common areas but have recently found out that the insurance is actually for building insurance. We already have house insurance with another company. Should we only be paying one insurance policy or maybe just paying for content insurance with our own insurance company?

 

[Frasier]

Check with your own management agent but ordinarily if you live in a managed development which carries block insurance you only need to provide contents insurance personally.

Sometimes the block insurance policy also has other conditions such as each unit needs to maintain a working fire extinguisher and blanket etc. Your management agent will be able to tell you specifics.

 

[shesells]

You can only insure what you own. As you have a duplex you don't actually own it, you have a lease from the management company, probably 1000 years. This gives you exclusive use of your unit but you don't own the building so you can't insure it.

Contents are your responsibility but the Management Company is responsible for insuring the structure.