A global or common contract for each owner, the co -ownership insurance makes it possible to guarantee the damages and civil liability of the condominium. It remains to verify what is really taken care of.
A co-ownership union must subscribe to insurance to cover at least the common areas: stairs, subsoils, parking lots, elevators, corridors, gardens, largely, the collective heating system, electric meters, mailboxes … It is a question of warning a whole series of events:
THE partial or total destruction Prospecting goods: fire, explosion, storm, hail, flood, earthquake, avalanche …
THE water damage : rupture, overflows, accidental leaks of pipes, infiltration of roofs, freezing of pipes, overflows …
THE degradation : flight, broken ice …
Analyze the risks to complete with guarantee options
The basic guarantees of the contracts proposed by the insurances integrate these elements. However, at AGF for example, machine breakage, the collapse of a building, the goods located outside, or even legal protection are optional. The same goes for reimbursements of costs linked to a rehousing after a disaster or the impossibility of continuing to live in the premises, the intervention of an expert, in the cuttings of the rubble, or in search of water leaks. Which requires each condominium a good analysis of the situation and the risks taken.
In all cases, Co -ownership insurance also incorporates civil liability. For example, she intervenes when a person falls on the stairs due to a worn march or is injured following the fall of a tile …
The contract can make it possible to ensure the entire building including the private parties, if the meeting of co -owners decides it. In this case, only owners’ property will not be taken into account. This almost complete collective coverage does not exempt some precautions for use. Thus, the owners must ensure theregistration of a renunciation clause the use of the condominium towards each owner. Otherwise, the co -ownership insurance may, in the event of a claim, turn to a faulty co -owner to claim the amount which will allow it to compensate the co -ownership. However, one of the interests of co -ownership insurance is precisely to limit the risks for co -owners.
Calculation of the contribution
The cost of insurance varies according to the areas outside the walls, and half of the areas of cellars, attic and attics. There is a overlying according to the dilapidation of the premises and the existence or not of regular claims. Conversely, installation of equipment to prevent and limit the risks Minor the insurance premium. All insurers pay compensation taking into account the real value of the property. That is to say, the reconstruction value deducted from the amount of depreciation linked to the use of property.
It may happen that the sums received are not enough to finance a reconstruction. There are options that make it possible to obtain an amount for a new value. This corresponds to the “reduced dilapidated reconstruction value” to which is added a supplement that can reach a quarter of the reconstruction value. For this, the building must be rebuilt in the same place within two years the loss.
Learn more How a condominium trustee works