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 type of multi-risk insurance that covers both material damage to the building and damage it may cause to third parties. These policies can be tailored to the specific circumstances and needs of each homeowners' association. At Canarisk, we can advise you on choosing the best community insurance in the Canary Islands.
Is insurance mandatory in a Community of neighbors?
The Horizontal Property Law does not mandate community insurance. However, although each resident may have their own home insurance, it is recommended that the building also have community insurance to cover damage to common areas or facilities.
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 option of adding liability coverage for the president or board member. If you wish, contact our insurance brokers in Tenerife and Las Palmas for further advice on this coverage.
How much does Community of Owners insurance cost in the Canary Islands?
At Canarisk, we offer the best prices on community insurance in Tenerife and Las Palmas , without compromising on top-notch coverage. The price of community insurance in the Canary Islands depends on several factors, such as the building's characteristics and the coverage amounts and limits selected. If you'd like, you can easily and quickly obtain a quote for your community insurance in the Canary Islands. Contact our team today!
