Ijaw Dictionary Online

How Automobiles Work

I we can say that most people take out an insurance to ensure their building in Cyprus which usually covers various events mainly fire earthquake burst pipes flooding acts of God etc one cannot be too sure where the cause of damage will come from so it is our opinion that a building should be covered for all eventualities even if this has a slightly higher insurance costs special care is needed however when signing the insurance policy for the so-called exclusion clauses one such exclusion clause is that if the building is damaged as a result of a bushfire there is no cover unless yousa stipulate other clauses which are of a special embarrassed for buildings is that if the building is not occupied for a period of 30 days continuously then again you will find that you are not covered practically all holiday homes so and we know how difficult and incomprehensible is an insurance policy to understand pay special attention to the exclusion clauses and insists on an all risks and eventualities policy some insurance companies stipulate that they cover the replacement costs from the building or they cover the value of the building the difference is that if for example you have a building which has no value as such eg because it is very old and / or because the land value is so high that the buildings have no added value as such you will find that the insurance coat will not pay if for example you own an old house on a macarius Avenue plot with 2.0 milk development value and your building is damaged then the insurance company can claim that since the value of a property is found in the land there is no damage payable despite the fact that the insurance company was happy for you to ensure the building at the value which you stipulate however even in this example with the 2.0 milk plot if the only thing you want is to have the money to rebuild it you will be uninsured so in this case you should take out an insurance based on the replacement cost the insurance company will pay only if and when you actually undertake to rebuild the house so do not expect that you can keep your 2.0 milk plot and get the replacement cost of your house without rebuild it if however you do not insure the value of this house but you ensure its replacement cost then the insurance company is liable to cover you for the rebuild also you will find on many occasions that the replacement cost is higher than the market value of the building if we are to take an agent Department of the low quality and limited demand having a markup flash sales value of say 100 square da can’t is dot of nineteen point zero zero zero the replacement cost might be more than one hundred 5.000 so be very careful and we suggest you ensure your building on a replacement cost basis I eat the cost of demolition clearance new design and permit costs construction building costs dat etc as an indication of the cost nowadays for an ordinary apartment the replacement cost is approximately 1,100 flash square dot m dot replacement cost means V building the property is new but with the use of the materials / quality that the building has so you cannot claim the sum to replace your building with Gretna floors since what you have in your house are mosaic tiles outdated kitchen and wooden windows etc the insurance company must cover the cost of rebuilding based on the same or as near the same material / quality care is needed however since if in your effort to reduce the insurance bill you estimate a replacement cost lower than the actual then the insurance company will pay the analogous reduced amount if your house has replacement cost to 100.000 and your insurance is for 70.000 the insurance company will pay only seventy percent of the replacement cost if you over estimate your property the insurance company will only pay the actual amount as a maximum another problem that you must consider is that over and above the replacement cost of your building you must take into account also the common areas such as basements parking swimming pool cost of clearance etc for this reason it has recommended that in the case of a building flash project which comprises numerous units a comprehensive assessment is made at regular intervals say every two to three years which will cover the unit’s themselves and the common areas as well bearing in mind that building costs increase by around seven to ten percent PA this is highly recommended another problem which is quite difficult to solve is what happens if in a comprehensive project eg block of flats of ten departments eight units are fully covered or as the other two are either underinsured or have no insurance at all in such event the project cannot be rebuilt since the replacement cost is pay when you actually replace a property what is the legal situation in this case for this reason for such projects which comprise more than one holding a comprehensive insurance should be undertaken and paid as part of the common expenses so as to reduce the risk described above of course insurance claims do not happen often and for this reason not many people have an adequate insurance cover or the above details are not given proper detention as a priority it is strange since we are all happy to pay 300.000 to buy an apartment but we become quite difficult when paying an amount of money to protect this investment what is even more irritating is that should you obtain the loan from a bank and the bank itself ensures the building and suddenly the bank / insurance has to pay up the insurance amount if you are underinsured then you must pay the insurance flash bank the difference so it is a crazy situation for all concerned since banks by using their own insurance company bear no responsibility as far as the individual buildings are concerned it is the responsibility of each owner to cover his property adequately and to seek explanations from the insurance company and seek some form of a fully comprehensive insurance all risks for these reasons but more importantly in case of joint ownership you must insist on a comprehensive insurance for the whole project including roads etc which should be updated every two to three years getting a new valuation by a qualified surveyor and do not base your estimate on the historic cost of the initial purchase for those people who think that they will take an additional insurance they will not get a double payment since an insurance payment is paid only once up to the total proper amount food for worrying thoughts

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