Community of Owners Insurance

1. Constructive characteristics of the building: Year of construction, built surface, floors above and below ground level, materials of the structure, water pipes, if it has green areas. 
2. Characteristics of use: homes, commercial premises, garages, gardens. As a first residence, holiday home, owner-occupied, for rent, etc.
3. Condition of the building: what maintenance is carried out, if pipes have been changed, if the façade or roofs have been renovated, etc. 
4. The sum insured must be sufficient to rebuild the insured building in its entirety. The value of the building site is not taken into account, but all expenses from materials and labour to licenses and permits as well as professional and technical fees are taken into account.

Depending on the description of the building and its uses, the most appropriate guarantees and coverages will have to be selected. Some examples:

1. A Civil Liability limit as high as possible, with no sub-limits per victim or, if there are sub-limits, they should also be high. If there are employees on the property, Employer's Liability should be considered.
2. Rainwater seepage through roofs and façades
3. Spillage of liquids other than water if diesel tanks are present
4. Excessive water consumption due to pipe failures
5. Ruin of the building due to work by third parties on the adjoining subsoil 
6. Frost damage if the building is located in climatologically sensitive areas.

The guarantees eligible for this choice are usually: Water damage, Civil liability for water damage and Glass breakage.

And this is an option that the community must decide: whether to assume and share among all the co-owners the risks that should be the responsibility of each one individually or, on the contrary, it is preferable to have an insurance that exclusively covers the community risks, leaving each co-owner the responsibility of assuming his own risk. It does not seem fair that the community should have to manage and bear both premiums and claims for accidents for which it is not responsible. A careless neighbour who does not renovate, use or maintain his installations properly does not have to harm the rest of the co-owners or the community.

We recommend in general to opt for the community guarantees in the community policy and that each co-owner takes out his or her own home insurance.

Competition and modernisation in insurance management have brought about a considerable drop in premiums and the incorporation of new guarantees and services that did not exist just a few years ago. It is advisable to keep an eye on the market and periodically check that the price we pay for our insurance is still competitive. 

In the event of a claim, which is better: to have the company's assistance or a different professional service provider?

Whatever is best for the community. 

If the community or the administrator of the same already has a maintenance company that knows the building and has already demonstrated its efficiency on previous occasions, it would be the perfect candidate to continue solving the problems that arise. In this case, the insurance management consists of assessing the damages and paying the corresponding compensation, after the intervention of the expert if it is considered necessary due to the characteristics of the claim or its amount. 

If the community prefers, or needs it on an ad hoc basis, it is always possible to request the intervention of the repairers arranged by the company itself, who will solve the problem and pass the bill directly to the company, requesting the intervention of the expert if necessary.

It is very interesting to keep them, as the companies value the correct maintenance of the building when establishing the insurance premium. A community with a certain age that has renovated the communal or private pipes, replaced the roof or refurbished the façade and can prove it with the corresponding invoices will obtain better insurance conditions.

We ensure that there is a fair correspondence between the damages suffered and the compensation received by the community. We try to resolve claims as quickly as possible and represent the insured before the company, always in defence of their rights. A team of experienced professionals, with negotiation skills and a fluid relationship with the claims departments of the companies.