{"id":22539,"date":"2026-09-03T12:08:53","date_gmt":"2026-09-03T10:08:53","guid":{"rendered":"https:\/\/pibgroupiberia.com\/?p=22539"},"modified":"2026-09-03T12:08:53","modified_gmt":"2026-09-03T10:08:53","slug":"the-most-common-mistakes-when-insuring-a-block-of-flats","status":"publish","type":"post","link":"https:\/\/pibgroupiberia.com\/en\/blog\/los-errores-mas-habituales-al-asegurar-una-comunidad-de-propietarios\/","title":{"rendered":"The most common mistakes when insuring a block of flats"},"content":{"rendered":"
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The most common mistakes when insuring a block of flats<\/h1>

Taking out buildings insurance for a block of flats might seem like a straightforward task. However, many residents' associations discover that their policy does not pay out as expected when a claim arises.<\/p>

Outdated sums insured, insufficient cover or unnecessary guarantees are some of the most common mistakes and can result in significant financial costs for all residents.<\/p>

In this article we review the most frequent mistakes when insuring a block of flats and explain how to avoid them so that the building is truly protected.<\/p>

\u00a0<\/h2>

Why is it so important to review a community insurance policy?<\/h2>

Buildings insurance protects the common parts of the building against numerous risks, such as fires, water damage, weather events, vandalism or third-party claims.<\/p>

Although in some autonomous communities its contracting may be compulsory, even when it is not, it remains one of the most effective tools for protecting the common assets of the property owners.<\/p>

Furthermore, a community's needs evolve over time. The installation of lifts, solar panels, electric vehicle charging points or CCTV systems makes it advisable to periodically review the policy to check that it continues to adapt to the actual risk.<\/p>

Insure the building for a sum insured lower than its reconstruction value<\/h2>

One of the most common mistakes is to take out too low a sum insured in order to reduce the premium.<\/p>

When underinsurance exists, the insurer can apply the proportional rule, reducing the compensation in the same proportion by which the building was undervalued.<\/p>

How to avoid it?<\/h3>

It is advisable to update the property\u2019s reconstruction value periodically, taking into account any refurbishments, extensions or improvements carried out in the estate.<\/p>

To think that the insurance covers absolutely everything<\/h2>

Not all policies offer the same cover.<\/p>

Many chairmen or directors realise too late that certain types of damage were not covered, or that there were financial limits or excesses.<\/p>

For example, some policies may exclude certain types of cosmetic damage or certain acts of vandalism.<\/p>

Advice<\/h3>

Before taking out a policy, it is advisable to carefully review the cover and exclusions to avoid surprises when a claim occurs.<\/p>

Do not review the public liability insurance<\/h2>

Civil liability is one of the most important areas of cover under block of flats insurance.<\/p>

A tile falling onto a vehicle, a water leak into a home or an accident in the communal areas can result in very high financial claims.<\/p>

Having insufficient limits may force the community to cover part of the compensation.<\/p>

To overlook the building\u2019s new facilities<\/h2>

Many communities have in recent years incorporated elements that did not originally exist.<\/p>

Among them are:<\/p>