Homeowners' association insurance
Comprehensive protection for communities of neighbors against unforeseen events.
This insurance provides property communities with the peace of mind of being protected against potential damages in common areas and liabilities towards third parties, guaranteeing efficient management of any unforeseen events that may arise in the building.
The community property insurance is designed to cover the specific needs of shared properties, such as residential buildings and complexes with common areas. Although in some autonomous communities it is mandatory, taking out this insurance is highly recommended, as it protects against disasters such as fires, floods, and other eventualities, helping to maintain the common areas in good condition and avoid unforeseen expenses.
Among the main coverages, this insurance includes:
Liability: For damages to third parties in the common areas.
Fire damage: Repair of damage in the common areas.
Optional coverages:
Damage to furniture, aesthetic damage, theft, among others.
Highlights
The main risks covered by the insurance are:
Protection against damage caused by fires.
Civil liability towards third parties.
Optional coverages: Damage to the building and contents of common areas.
Covers
Civil liability towards third parties
Covers compensation for personal or material damages that may occur to third parties within common areas.
Fire damage
Covers the damages caused by fires in the common areas of the building.
Damage to the continent
Protect the building's structures against disasters such as fires, water damage, theft, adverse weather conditions, and electrical problems.
Damage to content
Coverage for furniture and other goods located in common areas such as portals or social halls.
Legal defense
Provides legal advice and representation in case of conflicts related to the community.
Aesthetic damage
Protect the decorative and aesthetic elements of the building.
Breakages of community property
Covers the repair of broken glass and other damaged community elements.
Employee accidents
Coverage for workplace accidents of community personnel.
Theft
Protect against theft of common goods.
Pipe unclogging
Covers the cost of unclogging general plumbing in the building.
Damage in garages
It covers the damages caused to vehicles or infrastructure of community garages.
Frequently asked questions
What coverages are mandatory?
In some autonomous communities, at least coverage for damages caused by fires and civil liability to third parties is required to cover compensation and bonds.
What is the "insured capital" in a homeowners' association policy?
The insured capital is the maximum amount that the insurer will pay in case of a claim. It must be sufficient to cover the costs of repair or reconstruction of the building and its common areas.
Who should take out homeowners' association insurance?
The insurance must be taken out by the community administrator, either the president or a property manager designated by the community. The hiring must be collectively approved by the owners.
What to include in the inventory for the policy?
If optional coverages are chosen to protect the contents and structure of the building, it is advisable to include a detailed inventory of the insured common goods, such as the estimated value of common areas, facilities (pools, gardens, elevators), and any special equipment (heating, electrical systems, etc.).