June 27, 2024 · 4 min read
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.
Keep reading
The building insurance: what it really covers and what it does not
Almost no building knows what it has taken out until there is a claim. How to read the policy before you need it.
The community bylaws: what they are, where they are and when they matter
Your building's "small print": expense exemptions, prohibited uses, and why it pays to read them before arguing.
Your building's paperwork: what to keep and why
Building book, deeds, minutes, insurance, contracts and warranties: what a community should keep, why it goes missing so often and how to organise it.
Stop reading about managing. Try it.
Step into a sample building with everything working and try it yourself.