Condominium insurance: ask your main questions about the topic
Not only condominium insurance: practically all types of insurance are contracts that we do not want to need. On the other hand, in the event of an unforeseen event or accident it is much better to be covered and to be assisted by this service. In the case of condominiums, this happens in all areas of common use.
We have listed here information about the importance of this type of protection. You will know how condominium insurance works and what are the mandatory coverages, in addition to understanding who should pay for this expense. At the end of the article, you can find a suggestion on how to approach the subject with the tenants. Good reading!
What is the importance of condominium insurance?
Everyone knows that, in a condominium, there are common areas and private areas. What few know, however, is that tenants can remain protected from accidents while in these common areas. This protection is provided by condominium insurance, and this is just one of the reasons for having it in your condominium.
Natural disasters and major accidents can also happen. Imagine the damage caused by an earthquake? It is true that they are not frequent in our country, but one of the mandatory insurances of condominiums is against total destruction. Later on, we will explain better.
How does condominium insurance work?
The hiring of condominium insurance is mandatory. In addition to the civil code for condominiums, two other laws support this requirement. The liquidator is responsible for hiring, who may suffer criminal consequences if an event occurs and it is proven that he neglected such hiring.
The term for the insurance to be contracted is up to 120 days after the housing permit is issued, and it is not necessary for the liquidator to call a meeting to vote on the contracting. The cost of insurance is an ordinary expense, and as such, it must be apportioned among all tenants
What are the coverages of this type of insurance?
By law, the insurance contracted to protect the condominium must cover only the occurrences of fire and destruction. Even so, the minimum amount of the policy must be sufficient to rebuild the building in the event of total loss.
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Additional coverages can (and should) be contracted, after all, this is not usually an onerous protection when looking at the value that each member pays.
The policy may include coverage against theft and robbery, explosions, natural disasters (such as floods), lightning strikes and gales, as well as electrical failures and damages, vehicle crashes and even aircraft crashes.
Condominium insurance should never be neglected. Unfortunately, it is not common for the subject to be discussed among tenants, but professional condominium administrators have mastered the subject well. It may be interesting to carry out an awareness raising action on the topic with local residents. It is important that everyone knows that they will be safe in the event of an accident in the common areas.
Source: Tajarat.com.pk
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