Community of Owners

With more than 15 years experience in Community of Owners Insurance in Private Real Estate Complexes, Resorts, Urbanistic Entities of Collaboration and Conservation, we are specialists in optimising our resources to obtain the best possible insurance to give peace of mind to your community.

If you live in a community of several owners, it is likely that at some point you have asked yourself: Is insurance compulsory in a community of owners? At the state level, the Horizontal Property Law (article 9 of Law 49/1960) establishes that insurance in a community of owners is not compulsory. However, it is important to bear in mind that some regional communities such as Madrid, Valencia or Catalonia do require this aspect in their regulations.

For example, the legislation of the Community of Valencia states that “it is compulsory for residential buildings to be insured against the risk of fire and third party damage. The Community of Owners must take out these insurances for the common elements of the whole building” and adds that “the Communities of Owners that have constituted the reserve fund to attend to the conservation and repair works of the residential building, or that have taken out an insurance contract covering the damages caused in the building by extraordinary risks, or a maintenance contract for the building and its general installations, will have preference in obtaining public aid for the rehabilitation, conservation and maintenance of the same”.

For its part, the Community of Madrid establishes that “all buildings must be insured for the risks of fire and third party damage “.

Therefore, although insurance is only compulsory in certain communities, we always recommend that it be taken out. Community insurance is an indispensable tool with which to protect the community, all its elements and the civil liability of the neighbours or workers of the property. It can also save a lot of problems that may occur with our neighbours.

Among the most common covers of this insurance, fire damage, extreme weather damage or damage to communal pipes are included. Other extra coverage can also be considered, such as theft or broken windows. Furthermore, if you live in a community with a swimming pool or sports facilities, it is advisable to also include those in the insurance policy.

In our Community of Owners policies, we include civil liability between co-owners, which will allow you to quickly deal with any problems that arise when an owner has a water leak which causes damage to other properties, which, if this clause is not included, becomes a nightmare that is very difficult to resolve.

Burst drainpipes, electricity meter fires, water leaks – sound familiar? Unfortunately, these incidents do occur in Communities of Owners and having a suitable insurance policy will allow you to solve all these problems quickly and effectively.

Of course, the insurance policy for your Community of Owners is the most important investment you can make for the peace of mind of all your owners. Furthermore, if you take out your Community of Owners Insurance policy with us, we can offer all the owners within the community home insurance at highly advantageous conditions, given that they would only have to take out a policy for the contents in order to be fully insured, and we can offer this to them at very competitive prices. In this way, you gain in service offered and the quick resolution of any incident that may arise.

Don’t think twice; ask us for information about Insurance for your Community of Owners.