Have you ever thought about how a good insurance for your community of neighbors should be? Generally, we focus and worry about choosing an insurance policy for our home. But what about the community of neighbors in which we live? What should it include to guarantee possible unforeseen events? And it is that in many occasions, problems that can occur in our house can be derived from a problem in the community.
Did you know that every 43 seconds there is a pipeline damage claim? And that translates into many problems. That is why it is important to try to make our insurance as complete as possible.
Let’s take a look at the coverages that you can take advantage of in your community insuranceso that you and your neighbors don’t have to worry about anything.
Is it mandatory to have community insurance in our building?
The Horizontal Property Law does not include it as mandatory, but it is 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 neighbors.
We already know that each community of owners is a world of its own, and it is not usually easy to reach an agreement with everyone. If it is also to pay for a damage, then it is almost mission impossible. For that reason, to avoid tensions between neighbors, and mainly to guarantee the tranquility and security of all, it is important that any problem is covered with an insurance of communities of neighbors. 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, nor are the needs of all buildings the same. What are the main coverages in building insurance?
- Water damage
- Fire damage, third parties, etc.
- Liability
Recommended coverages: water damage
It is important that at the time of the policy, we review which may be the most recommended coverages to protect our building to the maximum.
Statistics indicate 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 derived from damage to pipes.
In fact, we are convinced that on some occasion you have suffered this type of damage. When taking out a community insurance policy, you should take into account 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 outstanding warranties
In addition to water damage, other common damages are related to fire, theft or even damage to third parties.
It is very important to take out insurance that offers coverage and solutions to these incidents. It is also important for electrical, aesthetic, etc. damages. Keep in mind that the insurance will cover the entire building. If we only have home insurance, we are leaving without coverage all the communal areas, the entire electrical system of the elevator, pipes and downspouts of the building… A lot of risk without coverage.
If you are president, it is important that you check the insurance of the community, 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 the insurance of the residents’ association, the civil liability. In the event of any accident that a neighbor, employee or visitor may suffer, for example, when climbing the stairs, the community can be denounced as responsible if there is poor maintenance. In order to avoid any major accidents, one of the coverages that your policy must have is the civil liability.
In addition to this, it is more than interesting that we can add the legal defense. In this way, we can have access to a team of specialized lawyers in case we are faced with a lawsuit.
In short, for your community of neighbors to have peace of mind, to minimize tensions and to be able to offer agile and effective solutions to any unforeseen event, it is important to have a community insurance policy. The main coverages to take into account are: water damage, fire and civil liability, among others.
Are you the president of your community and you have doubts about how to choose the best community insurance? From PIB Group Iberia we can help you so that you do not have any headache with this issue. We are experts in advising and we will help you to compare and choose the best insurance for your building.
