The insurance of apartments that form a part of a block of flats and usually belong to different owners, is optional. However, Communal Areas Insurance and Legal liability is Essential.The best option is to insure the whole building of block of flats, apartments and Communal Areas in one Policy and Legal Liability.
This is the best and most practical solution which ensures that in case of a claim, the damage will be handled fast and effectively since we will have one and unified policy, with one Insurance company. Otherwise if an apartment is not insured the building cannot be rebuilt.
This type of insurance can be easily done, either in management committee’s name or to the name of the building. The cost can be distributed to the owners according to the square meters each one holds.
Choosing this Insurance solution, you can avoid:
Any problems or delays arising when various insurance companies disagree on the liability or/and the level of compensation, especially when it comes to communal areas (e.g. where a wall is divided as communal or private) or where there are different assessors and difference in claims handling time.
Problems and complications arising when rebuilding the block of flats, in case when (a) flat/s are not insured and owners are unable or unwilling to contribute financially for the reconstruction of the building.
Problems arising in the case of individual insurance coverage when the owner is reimbursed but doesn’t wish to contribute in order to rebuild the block of flats.
All of these will have as a consequence delay and most probably impossibility to rebuild the building.
Apartment contents or/and any extensions, decorations or changes you have made, for example changing cabinets in a bedroom, or placing parquet to the floor, can be protected and insured by choosing Household Comprehensive Policy. Thereby, you will ensure that your valuables are covered under the most comprehensive insurance plan. In case of damage or loss you will be reimbursed on their replacement value with new items or with pre-agreed values as it concerns high risk items like jewelry. Therefore, an Inventory list, description, serial number or the unique identification number (jewelry), weight (jewelry), certificate or assessment, receipt and photographs are required.