Homeowners' Association Insurance

1. Construction characteristics: Year of construction, floor area, number of floors above and below ground, materials used in the structure, water pipelines, presence of green areas, etc.
2. Usage characteristics: Residential units, commercial premises, garages, gardens. Whether it is a primary residence, vacation home, owner-occupied, rental property, etc.
3. Condition of the building: Type of maintenance performed, whether pipelines have been replaced, if the façade or roof has been renovated, etc.
4. Sum insured: The sum insured must be sufficient to fully rebuild the insured building. The land value is not considered, but all costs related to materials, labor, licenses, permits, and professional and technical fees are included.

Depending on the description and usage of the building, it is essential to select the most appropriate guarantees and coverages. Some key considerations include:

1. A Civil Liability limit as high as possible, without sub-limits per victim or, if applicable, ensuring they are also sufficiently high. If there are employees on the property, Employer’s Liability should be included.
2. Rainwater seepage through roofs and facades.
3. Spillage of liquids other than water if diesel fuel tanks are present.
4. Excess water consumption due to pipeline failures.
5. Building collapse due to third-party construction work on adjacent land.
6. Frost damage if the building is located in climatologically sensitive areas.

The coverages available for selection typically include: Water Damage, Water Damage Liability, and Glass Breakage.

This is a decision the community must make:

• Should all co-owners share responsibility for risks that would otherwise be individually borne?
• Or is it preferable to have insurance that exclusively covers community-related risks, leaving each co-owner responsible for their own property?

It is often unfair for the community to bear both the premiums and claims for accidents that are not its responsibility. A negligent neighbor who does not maintain their installations properly should not impact the rest of the co-owners or the community.

We generally recommend opting for community-wide guarantees within the association’s policy, while each co-owner should take out individual homeowner’s insurance for their private residence.

The insurance market has evolved, with increased competition and modernization leading to significant reductions in premiums and the introduction of new coverages and services that did not exist a few years ago.

It is advisable to regularly review your policy and compare offerings to ensure you are still receiving a competitive price.

When a claim arises, is it better to have the insurance company’s assistance or hire an independent service provider?

Both options are valid—the most suitable choice depends on the community’s needs.

• If the community already has a trusted maintenance company familiar with the building and proven efficiency in previous repairs, they are a strong candidate for handling claims.
• In this case, the insurance process involves damage assessment and compensation payments, with an expert’s intervention if necessary due to the nature or cost of the claim.
• If needed, the community can always request the intervention of the insurance company’s network of repair specialists, who will handle the repairs and bill the insurer directly.

Yes, it is highly beneficial to keep records of all repair and renovation invoices, as insurers take proper building maintenance into account when determining insurance premiums.

A well-maintained community that has updated its pipes, roofing, or façades and can provide supporting documentation is more likely to receive better insurance conditions.

As insurance brokers, we ensure that claims settlements are fair and accurately reflect the damages incurred.

Our primary role is to:

• Facilitate efficient claims resolution.
• Represent the insured community in negotiations with the insurance company.
• Advocate for the community’s rights to obtain the best possible outcome.

Our experienced team possesses strong negotiation skills and established relationships with insurance companies’ claims departments, ensuring smooth and effective claim management.