Buildings, contents insurance, Egyptian bank accounts

[sdgc]

Buildings - contents - insurance - egyptian bank account

does anyone know which insurance companies are best to go with for insuring property/contents in egypt, would uk companies give a better deal/cover than egyptians ? are the local companies cheaper ? also are there any specific areas that it would be essential to insure against, e.g. earthquakes,

 

[awahee123]

I believe Egyptian cover is much cheaper,however do they cover earthquake?

 

[dave99]

See the other threads on insurance

does anyone know which insurance companies are best to go with for insuring property/contents in egypt, would uk companies give a better deal/cover than egyptians ? are the local companies cheaper ? also are there any specific areas that it would be essential to insure against, e.g. earthquakes,

It depends on what cover you are looking for.

If you are buying a shared Freehold in Hurghada then you need to consider what everyone else is doing in the apartment complex as a whole.

If you are only looking for "contents" cover then that is possibly cheaper in Egypt, if you can find anyone to do it. It's easier to do it in the UK since then you know where you stand and it would be easier to deal with claims etc.

If you are looking for combined building and contents, which is what you should be doing, then the most sensible way to do it SHOULD be via the developer in a group scheme. If the developer is not offering this then do it via your owners club. If there is no owners club then maybe you need to think a bit more about what you are buying into.

You need to be sure that all of the "common areas" are included in the policy and since YOU do not own the common areas YOU cannot insure them, but somehow you have to otherwise you will never get a rebuild if there is substantial loss.

Group schemes include EVERYTHING in the complex. You then only have to decide how to split the total cost.

It's just possible, that your annual manit fee covers the building insurance, but I wouldn't bet on it.


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[propertastic]

I heard that Allianz is currently the main choice of insurer for developers in Hurghada. But change happenz

 

[awahee123]

Quite right Nick also AIG are the other big players in Egypt there are quite a few large Egyptian companies as well.

 

[philthecar]

Builidngs and Contents insurance/Egyptian Bank Account

Has anybody looked into the cost of insuring property and contents ie can you insure property abroad in this country or is there anybody in Egypt who insures and at what cost ? Also do you have to open a bank account in Egypt if renting your apartment out and in order to pay utility bills, and again which one would be recommended and how much do you have to place in the same

 

[propertastic]

Allianz are big over there, and I remember that awahee123 mentioned another two companies that also do insurance.

HSBC is the only bank that anyone seems to mention in connection with the property business in Egypt, so I would suggest you play it safe and go with them.

We should be having a meeting with them in a month's time and so should have more information and contacts for everyone (maybe even more information on Egyptian mortgages too - but don't anyone hold their breath on that one).

 

[awahee123]

Hi Guys,

There is also the AIG,Iknow there are a lot more I did email them but no reply,they musn't have an interpreter available.
There is a British company called intasure i'm sure you will find them on a google search,they provided me with a quote for buildings and contents including earthquake insurance.
Buying your insurance in Egypt is a lot cheaper but you would have to stipulate special inclusions such as earthquake etc,then you would need to have it translated.
Some provide the transalation others don't.

 

[queenie40something]

Hi - what puts me off going with an Egyptain company is the language barrier not to mention the cost of the phone call if you need to claim. The process could be a nightmare. Intasure gave me a good quote which also includes £1000 worth of emergency travel cover.

 

[Peter Mitry]

Intasure are registered at Lloyds and the main benefit with most British policies is they cover 'new for old'. Having had experience in recent years of Spanish insurances, if you have damage to an internal wall they will repair the damage and paint the area around it rather than make good the whole wall or the entire room!

 

[queenie40something]

..also the quote I had covered it for letting purposes and the only stipulation was that the furniture was made to a standard that would generally withold normal wear and tear.

 

[dave99]

Other insurance threads

..also the quote I had covered it for letting purposes and the only stipulation was that the furniture was made to a standard that would generally withold normal wear and tear.

Hi

There are Other insurance threads that cover some of this stuff - maybe a Merge" would be good idea.

A group policy via the developer should be the best value, give widest cover.

Also you need to be sure that any policy covers the "common areas" that you as an owner you may be responsible for.

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[queenie40something]

I was talking to a few of the other buyers and we suggested we all get together for this.

Ref bank accounts - if you are going to let out your property then you will need an Egyptian bank account. I have opened 2 one in LE and one in sterling. Only cost 40le to open up the two. I was told by a friend living in Sharm that HSBC wanted a minimal amount kept in the bank account so I opened up with another bank. Cant remember the name but it is in bank st Hadaba. They opened it while I waited and I just needed to take my passport which had my multi entry visa and residents visa in. I dont know though if you can open one without these visas?

 

[philthecar]

it seems that the insurance cover is a lot more complex than we thought initially but everybody has come up with some good points. As far as bank accounts are concerned we were told by our developers that in order to open a bank account we would need to keep a minimum of l,000 pounds in the same !!! Anybody else bin told about this. Also queenie can you let us know what are the multi entry and residents visa;s are if you dont mind

 

[queenie40something]

Hi Phil - take no notice that is rubbish. HSBC - I was told needed £1000 in as per my previous post and all due respect they can stick that where the sun dont shine and that is why I done my homework and opened up accounts elsewhere with minimal deposits. HSBC do not operate in Egypt the same as UK - watch the charges.

As you know I have bought in Sinai and the process there differs to Hurghada ref lease and POA etc. In order for me to purchase I need to get POA ( from El Tor ) - to give to lawyer to go to Cairo to buy on your behalf in the courts - in order to get POA you need to get multi entry visa and residents visa ( also from El Tor passport office ) sounds a pain but really it is very easy. The lease puts many people off. I have mine and hubby name on contract and if anything happens to us we have put youngest on there and the lease will automatically go to her. If we decide to sell then the new buyer applies for a new lease for another 99 yrs at £1000.

 

[queenie40something]

...and from what I have been told by my lawyer these visas do not have to be renewed now that I have got the POA only if I travel out of Sinai will I then need another visa.

It is worth getting a multi entry as it only costs £18 fo 6m. You can apply in the UK from the Egyptian Embassy in London by post. Ideal if you keep coming and going. I got mine in October and have already used it to go to El Tor and Luxor.

 

[philthecar]

thats helped us again ! Will look out for banks in Hurghada to see what deals there are around. We were certainly concerned by the developers stating that they would want l,000 in our bank account. As for visas looks like we dont need to worry ourselves about them at this time

 

[queenie40something]

Hi Phil - when I get a free mo I will check through my paperwork and let you know what my banks name is. Steer clear of HSBC - I was told the same that they wanted a min £1000 in there all the time!! Dont think so!

 

[philthecar]

ta queenie for your help ! Will we need a multi entry visa for hurghada when we get our apartment. We anticipate coming over approximately 5-6 each year initially

 

[SHO]

I would recommed getting a multi entry if you are a frequent traveller.

Also i use HSBC and they are probably the best...they require a minimum of 3000 EGP but their service is very good, free online banking and also they are very tight on security, meaning that they will not allow anyone access to your details... you may think thats normal... but otherbanks security is not very good.

Also problems arise when transferring money from abroad.

my 2p from personal experience