The community insurance is a fully comprehensive insurance that guarantees residents’ associations of buildings divided in several floors or premises with one or some residents, so as private garage buildings of houses and/or offices against damages.
It is specially designed to give protection to the majority of risks related to the building.
What does homeowners’ association insurance cover?
Community of owners insurance protects your community of owners against the following risks: fire, explosion, implosion and self-explosion of appliances and heating systems, lightning strike, secondary effects, acts of vandalism, smoke, collisions or impacts of objects, detonations, own water damage, aesthetic restoration, electrical damage, professional fees, theft and spoliation, employee infidelity, loss of rents and legal protection, replanting of trees and garden, breakage of glass, windows, panes, mirrors, marble workers, signage or sanitary ware and bodily accidents, among others.
What assets can be insured?
The insurance for homeowners’ associations mainly covers the building of the Community. However, coverage can be added to the following assets:
- Outbuildings, such as garages, parking spaces and storage rooms.
- Walls and other independent enclosures.
- Conduits, installations, machinery and fixed service apparatus integrated in the building: water, gas, electricity, heating, refrigeration, solar energy, sanitation, telephone, alarms, radio, television and other communications; although the machinery and physical apparatus must be of common use.
- Lifts and hoists.
- Swimming pools and other recreational and/or sports facilities.
- Decorative elements permanently incorporated into the buildings, such as paint, parquet, carpeting, wallpaper or built-in wardrobes.
- Objects of artistic value.
- The furniture of common property, as well as the tools, utensils and equipment for the service of the community.
- Liability of the natural persons who protect the interests of the community, such as the president or administrator of the property.
What does the residents’ association insurance offer?
We take care of any unforeseen event that may arise in your Community. To do so, we offer you different coverages that can be contracted in combination and that will adapt to the needs of the building and its tenants.