Housing associations and insurance
All property owners are required by law to insure their property against fire under mandatory fire insurance.
We also recommend homeowners insurance. In apartment buildings, it is common for the homeowners’ association to arrange joint homeowners insurance covering all the apartments in the building.
Taking out joint insurance can offer two main benefits: a more favourable premium and a lower risk of disputes between owners if damage occurs. The decision to take out homeowners insurance must be made at a properly convened homeowners’ association meeting, and the decision is binding on all owners, who are required to contribute towards the cost.
Homeowners insurance covers, among other things, damage to the property caused by water leaks from the plumbing system, burglary or attempted burglary, and storms. It also covers accidental breakage of windows, hobs, worktops and sanitary ware caused by sudden and unexpected events.
Homeowners insurance does not cover damage to furniture or other movable property inside the property. Household contents and other personal belongings must be insured separately under home insurance or property insurance.
All property owners are required by law to insure their property against fire under mandatory fire insurance.
We also recommend homeowners insurance. In apartment buildings, it is common for the homeowners’ association to arrange joint homeowners insurance covering all the apartments in the building.
Taking out joint insurance can offer two main benefits: a more favourable premium and a lower risk of disputes between owners if damage occurs. The decision to take out homeowners insurance must be made at a properly convened homeowners’ association meeting, and the decision is binding on all owners, who are required to contribute towards the cost.
Homeowners insurance covers, among other things, damage to the property caused by water leaks from the plumbing system, burglary or attempted burglary, and storms. It also covers accidental breakage of windows, hobs, worktops and sanitary ware caused by sudden and unexpected events.
Homeowners insurance does not cover damage to furniture or other movable property inside the property. Household contents and other personal belongings must be insured separately under home insurance or property insurance.
Housing associations
