What does the insurance of a community of owners cover?
The Community of Owners insurance is a multi-risk insurance. Among the main coverages of this type of insurance we highlight:
- 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. Referred to community content.
- Legal defense. With this coverage, the community is guaranteed legal defense against any claim.
- Technical assistance. Coverage that includes assistance to claims by professionals.
What does the community insurance not cover?
It is very important to bear in mind when taking out community insurance that insurance companies do not cover defects in the building whose origin is a lack of maintenance. In other words, community insurance provides coverage in the event of an accident, but does not cover the maintenance of the building.
In addition, it would be important for the different premises and homes in the community to have independent insurance (home, business, office) that is complemented by the community insurance.