Housing in a Home Owners' Association may entail taking out community insurance to cover the risks that may affect the entire building. This type of insurance offers combined cover for different risks, with regard to both damage to the property and the civil liability that the Association may have with third parties for damages for which it may be held liable.
We should remember that in order to supplement the cover our home requires, the Home Owners' Association insurance covers the entire building itself, excluding contents. Nonetheless, assets from non-communal content, as well as improvements to the building that owners make privately to their homes, must also be covered by "combined household" policies that each decides to take out. Similarly, private and family civil liability is excluded from the benefits of the Home Owners' Association policy.
The risks, as causes of damage, are similar to those characteristic of a "Combined Household" policy: fire, explosion, theft, windows, water, weather-related events, etc.
We believe that is essential to define the insured principals properly, and we also recommend taking out a replacement value policy, since an Owners Association may have features which make it potentially risky. Accordingly, in an initial phase, it is essential for a professional to participate in the prevention and subsequently in choosing the coverage for the same. Here at Ferrer&Ojeda we can offer you the best possible group of professionals to accompany you throughout the entire process.
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