Living in a neighborhood association implies a multitude of advantages, such as the use and enjoyment of common areas, greater security or other benefits that we find when there is a breakdown in the community and we use neighborhood insurance.
Neighbors associations are different. There are some more luxurious, with an elevator, garages, gardens, swimming pools, paddle tennis courts, soccer and / or basketball courts, fountains, storage rooms …) and other more traditional ones that have fewer common areas. Be that as it may, all common areas are exposed to problems and / or breakdowns and who is responsible for these expenses? Keep in mind that the monthly payment of the community is not intended to solve claims, but to pay common expenses. Therefore, although it is not mandatory in most communities in Spain (in Madrid or Valencia it is), it is highly recommended to have neighborhood insurance.
What is the value of neighborhood insurance?
In the event that damage occurs in the infrastructure of the neighborhood association (foundation, beams …) we can claim the builder until the 10th anniversary of the construction, where we could no longer make any claim, being the owners of the neighborhood association responsible for solving it. In addition, we must emphasize that, although the problem occurs before the age of 10, the builder will not take care of 100% of the problems that may appear, such as a fire.
Therefore, as we have said before, the most advisable thing is to take out neighborhood insurance, thus solving the possible inconveniences that may arise in an effective way. There are insurances of all kinds, from housing communities, to individual garages, with a multitude of models and coverage, each having a series of advantages.
The cost of insurance will vary depending on the characteristics of the home, urbanization, storage room or garage. The factors to take into account will be the years of the building, how it is conserved, the size … Whatever the cost of the insurance (always divided among the owners), we assure you that it will be much cheaper than paying any large breakdown .
Neighborhood insurance coverage
What type of coverage do insurance companies offer us when contracting neighborhood insurance?
- Water damage. It covers from simple leaks and leaks of rain or snow, to repair costs of community pipes without damage.
- Meteorological phenomena. If a natural disaster occurs, the Insurance Compensation Consortium will indemnify the community if it is insured.
- Civil liability If detachments occur on the facade and damage to someone, the insurance will deal with the damage caused.
- Machinery breakdowns and electrical damage.
- Fires. It is the most basic insurance that a neighborhood association usually hires. It is fully expandable to protect both the common areas and that of each owner.
Managing all aspects is complicated for the owners, especially when there is no president of the fixed community, but rather it takes turns. Therefore, any insurance you hire has telephone assistance, so that, in the event of an accident, they help and support us in everything you need.
On the other hand, some insurances offer the possibility of claiming to the owners non-payment of expenses, as well as civil liability of the governing bodies of the community. Also, in case your house keys are stolen, they will also cover you.
Conclusions
A neighborhood insurance will give us a comprehensive and flexible service that will allow us to adapt the policy to the needs of each building. And, best of all, is that, in case of accident, you will not have to pay more. Therefore, we conclude that hiring insurance for a neighborhood association is a very smart option, guaranteeing at all times the tranquility and good relationship of its inhabitants.
