The community's insurance policy: what it really needs to cover

Is it compulsory? It depends on the region (in Madrid and Valencia, for instance, yes for the building fabric). But the right question is a different one: could your community absorb a fire with no insurance? Exactly.

The essentials

• The building fabric: structure, facade, roof, common installations, at their real rebuild value.
• Public liability: if a roof tile injures a passer-by or the door entry system gives someone a shock, the community answers for it.
• Water damage: the cause of 70% of claims. Check carefully whether it covers leak detection (the work of finding it is the expensive part).

The negotiable extras

Glass, vandalism, extended legal cover… weigh the cost against your building's actual claims history.

The traps

• Underinsurance: if you insure the building for less than its value, the insurer applies proportional averaging and pays only part of the damage.
• High excesses that make every small claim pointless.

The annual review

Before renewing, get two or three quotes with identical cover. Switching insurer in a year when the premium has gone up saves hundreds of euros — and it is a simple-majority resolution.