Condominium

Condominium

Why do we need this insurance?

 

Condominium insurance for common areas is legally required.

Properties are subject to various natural and human risks.

For a very low cost, you can insure valuable property with a single policy.

 

What risks does it cover?

 

The mandatory insurance covers the common area of the condominium, but it can also be extended to the co-owners’ individual units.

The base coverage includes, among others:

  • Fire.
  • Storms.
  • Water Damage.
  • Theft or burglary.
  • Breakdown detection.
  • Condominium assistance.

Optional coverages can include:

  • Seismic events
  • Machine breakdown
  • Personal accidents

 

Tips for contracting this insurance

 

Calculate the insured capital based on the reconstruction value, using the square footage of the common areas to avoid excessive premiums or coverage deficits.

Indicate all existing protective measures in the property to benefit from a discount.

If the property has fences, walls, or gates, ensure they are covered under the policy.

The insurance can be optionally extended to the co-owners’ individual units, providing cost benefits.

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