Moroccan building and contents insurance

moneyman

Hi friends

Been trying to do some research on how property insurance works in morocco, but i must say that information is scant at best. Now from what I understand, if you are buying a property within a large scale development, then the property comes with buildings insurance. The insurance is built into the price and hence you don't have to worry about this. Howeve, I'm not entirely sure whether all developers do this or not?

Secondly, what happens if you are not buying into these big masterplans and just going for a riad or a traditional resale property? Surely you have to get your own insurance for the building and contents?

I found one article that talks about a UK based company offering insurance to overseas buyers, especially in cape verde and morocco. But again, thats just one company in the uk offering insurance. You can read the article here:
Property insurance extends to Cape Verde and Morocco

If anyone has a clear idea of how this works, can they enlighten us please!

Cheers!

c4thy

Hey moneyman,

Like you, i've been trying to find out about insurance in morroco as well. It's been hard reseraching this subject from the uk and hence when i go to morroco the next time, i'll dig a little deeper.

For the moment, I've found another company in the uk that offers insurance for overseas buyers:
Holiday home insurance in Spain, Turkey, France, Italy, Portugal, Ireland, Cyprus, Austria, Bulgaria, Cape Verde, Croatia, Czech Republic, Hungary, Malta, Monaco, Morocco, Poland, Romania, Slovakia, Slovenia, South Africa, Switzerland, United Arab Em

I know this is not what you're lookng for, but its a start. If you are opting for the resale route, you should get your insurance from the uk. As far as the larger projects go, my understanding is that the big developers will offer buildings insurance as part of the contract, but contents is sometihng that has to be arranged separately. Don't hold me on this one though!!

Good luck!

btlwinner

There are a few other providers, but Intasure are one of the main sources for holiday home insurance. Authorised and regulated by the Financial Services Authority, their policy is underwritten by one of the world’s leading insurers – Lloyds of London and your property is covered whether occupied or unoccupied and even if let short term or long term.

Other benefits include:

• Discount options include increased excess and age related discounts
• Excess from just £50
• All policy documents are in English
• Premiums are paid by monthly direct debit in Sterling from your UK bank account
• They will cover the cost of emergency travel and accommodation following a major claim
• Policy covers your swimming pool as well as buildings
• Policy covers public liability of £5m in regard to buildings and contents
• Loss of rent included following a claim
• Covers your new home during the period between exchange of contracts and completion
• Covers temporary accommodation following a claim
• Wider cover than a ‘community’ policy
• All claims are reported to and resolved by a UK-based English speaking team
• Claims handled by local loss adjusters working for a UK adjusting organisation
• Claims paid in Sterling

For further information take a look at: Intasure

moneyman

Thanks for the input cathy and btlwinner. Both companies mentioned here are UK based, and I was hoping to get more of an insight into how insurance works in morocco itself. Unless such thing doesn't exist!!

Also, I believe these insurance policies cover you for building and contents after the property is ready and in your name. I'd also be interested to know if there is insurance available during the build period to secure your investment!

Thanks for the pointers though....

esmerelda

Regarding building & contents insurance for a riad...
This can be set up very simply through your Moroccan bank. We use BMCE. Note that the insurance also covers any accidents to anyone you have working in the riad - (most of these have house guardians).

camel

" if you are buying a property within a large scale development, then the property comes with buildings insurance. The insurance is built into the price and hence you don't have to worry about this."

Once you have bought the property, you are suppose to get the Insurance as you are the new owner & the risk is shifted to you. If you are taking a mortgage than the bank will insist on the Insurance. The bank will be having arrangement with Insurance companies.

Like, all Insurances it is important to read the policy & the of type cover before you accept & pay your premium.

moroccobound

It is very simple, there are numerous insurance companies in Morocco offering you all types of insurance from car to employee to building and content insurance, but the best two for foreigners anyway are Moroccan owned subsidiaries of Zurich and AXA. These two very large and reliable companies have brokers all over Morocco who can give you very competitive quotes.