If you live in a Community of neighbors, you should know that although it is not mandatory, it is It is highly recommended to take out Community of Owners insurance in the Canary Islands, to cover damage to the building and damage caused to third parties. At Canarisk, we help you get the best Community insurance in Tenerife and Las Palmas.
What is Community of Owners insurance?
Community insurance is a form of multi-risk insurance that covers both the material damage to the building, as well as those that may be caused to a third party. These insurances can be adapted to the circumstances and the specific needs of each community of neighbors. At Canarisk, we know how to advise you to hire the best Community insurance in the Canary Islands.
Is insurance mandatory in a Community of neighbors?
The Horizontal Property Law does not regulate the obligation to take out Community insurance. However, although each neighbor may have their own home insurance, it is recommended that the building also have its Community insurance to cover damage to facilities or common areas.
What does Community insurance cover?
The main coverages of the Community insurance are:
- Fire, lightning and explosion. That is, the damage to the continent caused by any of these causes.
- Electrical damage. Damages suffered in the community electrical installation are covered.
- Atmospheric phenomena. Damages caused by exceptional phenomena are covered, which due to their high intensity, cause damage to common elements.
- Water damage. It is the most common coverage in a community of owners. Multi-risk insurance policies can cover both private and community water pipes.
- Civil liability. Referring to any damage that the building may cause to a third party and that derives in a claim against the Community.
- Theft and vandalism. Both the theft of community content and theft damage.
- Legal assistance and protection services. Coverage that includes the assistance of professionals and legal advice for any damage claim.
What is the difference between common and private water damage?
The difference lies in the origin of the water damage, that is, if the fault occurs in the community facilities or in the private facilities of the homes. If the damage occurs in a community pipe, it will be covered by the Community insurance.
Can private water damage be covered in the community insurance?
Most insurers allow you to contract the private water damage guarantee. This means that damage caused both to community water installations and to the homes themselves would be covered.
Is the responsibility of the President of the Community covered?
Some insurers offer the possibility of optionally contracting the civil liability guarantee of the president or board. If you wish, contact with our insurance brokers in Tenerife and Las Palmas for further advice on this warranty.
How much does Community of Owners insurance cost in the Canary Islands?
At Canarisk we offer you the best prices in community insurance in Tenerife and Las Palmas, without giving up the best coverage. The Community insurance price in the Canary Islands It depends on several factors, such as the characteristics of the building and the capital and coverage that are contracted. If you wish, you can quickly and easily obtain your community insurance in the Canary Islands, Contact our team now!
