Have you ever thought about what a good insurance policy for your community of neighbours should be like? Generally, we focus and worry about choosing an insurance for our home, but what about the community of neighbours in which we live? But what about the community of neighbours in which we live? What should it include to guarantee possible unforeseen events? On many occasions, problems that may occur in our home can be derived from a problem in the community.
Did you know that every 43 seconds there is a pipe damage incident? And that translates into a lot of problems. That's why it's important to try to make our insurance as comprehensive as possible.
Let's take a look at the coverages you can benefit from in your community insurance, so that you and your neighbours don't have to worry about anything.
Is it compulsory to have community insurance in our building?
The Horizontal Property Law does not make it compulsory, but it is certainly highly recommended. The reason is that any damage or problem that may arise, derived from fire, leaks, etc. in a common area of your community, if there is no insurance, there is no way to solve it in a satisfactory way for all the neighbours.
We know that each community of owners is different, and it is not easy to reach an agreement with everyone. If it is also to pay for a damage, then it is almost mission impossible. For this reason, to avoid tensions between neighbours, and above all to guarantee the peace of mind and security of all, it is important that any problem is covered by an insurance policy for homeowners' associations. We already know that if the insurance does not pay for it, the repair will have to come out of the pocket of each one of us.
But not all insurance is the same and not all buildings have the same needs. What are the main covers in building insurance?:
- Water damage
- Fire damage, third parties, etc.
- Civil Liability
Recommended coverages: water damage
It is important that at the time of the policy, we review which coverages may be the most recommended to protect our building to the maximum.
Statistics show that when damage occurs in a common area of the community of owners, in 60% of the cases it is related to water. We have already indicated at the beginning that every 43 seconds there is a claim resulting from damage to pipes.
In fact, we are convinced that you have suffered this type of damage on one occasion or another. When taking out a community insurance policy, you should bear in mind that water damage is covered.
In addition, if your community is old, we will try to ensure that the excess applied by the insurer is as low as possible.
H2 Other important safeguards
In addition to water damage, the most common types of damage are fire damage, theft or even damage to third parties.
It is very important to take out insurance that offers coverage and solutions for these incidents. It is also important for electrical damage, aesthetic damage, etc. Bear in mind that the insurance will cover the whole building. If we only have home insurance, we are leaving without coverage all the communal areas, the entire electrical system of the lift, pipes and downpipes of the building... A lot of risk without coverage.
If you are president, it is important that you check the community insurance, and if there is none, that you look for the most recommendable one for your building.
The importance of Civil Liability
We cannot forget, when talking about insurance for residents' associations, civil liability. In the event of any accident that a neighbour, employee or visitor may suffer, for example, when climbing the stairs, they can denounce the community as responsible if there is poor maintenance. In order to avoid any further damage, one of the covers that your policy should have is civil liability.
In addition to this, it is more than interesting that we can add legal defence. In this way we can have access to a team of specialised lawyers in the event that we are faced with a lawsuit.
In short, in order for your community of neighbours to have peace of mind, to minimise tensions and to be able to offer agile and effective solutions to any unforeseen event, it is important to have community insurance. The main coverages to take into account are: water damage, fire and civil liability, among others.
Have you been appointed president of your community and you have doubts about how to choose the right best community of neighbours insurance? From PIB Group Iberia we can help you so that you don't have any headaches with this issue. We are experts in advising and we will help you to compare and choose the best insurance for your building.
