Why a Communities insurance?
Because it is the perfect solution for your building, both regarding cover and benefits as well as price, for facing up to unexpected events which reduce the value of your assets. Also, it is becoming evermore frequent for Autonomous Regions or Local Corporations in our country to legislate over the mandatory nature of all buildings within their territory and have been built under the horizontal property regime to be covered by an insurance which covers them, at least, against fire and civil liability.
Does my home insurance cover the damage caused by general or community pipelines?
Yes, if it has been taken out with Ocaso, but it may occur that many co-owners have taken it out with another company which does not cover this or, simply, have not insured their properties or commercial premises, with the inconveniences this can cause to all the owners in general.
Would it be possible to insure a building built over 30 years ago?
Yes, of course. Our Communities insurance is very flexible and modular, offering a wide range of possible combinations, hence, we can adapt to any cover requirement which is proposed. The only requirement is that the building is in an appropriate state of preservation and maintenance.
How do I calculate the value of my building, in order for it to be appropriately insured?
It is very important to correctly establish the insured sum of the building, thus avoiding undesirable situations involving under-insurance. In general, the land registry document or any other document of the Community includes the details regarding the built surface of the building and this is multiplied by the re-building value per m2 which is in force at the time. This figure currently oscillates between 820 and 975 Euros, depending on the quality of the construction.
If necessary, the m2 corresponding to other elements within the insured building, such as swimming pools, gardens and sport facilities, as well as those corresponding to shared areas or alike, such as walls, fences, enclosures, etc., can be valued at 20-50 Euros per m2.
How do I calculate the sum to be insured for the elements of common use in a Communities insurance?
Their valuation must be sufficient to cover the hallway furniture, recreational and sports areas, garden and cleaning tools, etc., therefore, one may establish the desired figure according to the value of said goods.
If the community has a swimming pool, should I insure it?
Yes, the swimming pool is part of the common built areas and it should be taken into account for insuring the building in its Outdoor Urbanisation section.