Which insurance does an owner or a community of owners need?
Usually a building insurance policy and property owners' liability cover are important. Which protection makes sense in detail depends on the property.
A building and a community of owners should be insured against the main risks. In practice, building insurance and property owners' liability cover are the most relevant. Which protection makes sense in detail depends on the property, which is why we give no blanket solution here.
The most important policies
Building insurance
This typically covers damage to the building, for instance by fire, storm or escaping water. For a community of owners it is usually the central protection.
Liability
Property owners' liability cover protects when third parties are harmed by the building, for example by falling parts or ice. That matters for communities too.
You only notice the right insurance when damage occurs. Then it decides a great deal of money.
Reviewing regularly pays off
Policies are often taken out once and then forgotten. That is risky, because building values, use and risks change over the years. Cover that fitted years ago can be too low today, which becomes expensive when damage occurs. Conversely, some communities pay for benefits they have long ceased to need. It is therefore worth reviewing the contracts regularly and comparing them with current requirements. As managers we keep an eye on this, point out gaps and savings and agree adjustments with the community and the specialists. That way your property stays suitably insured without paying unnecessarily.
What to look out for
Check regularly whether the cover still fits the building and make sure the sum insured is adequate. Under-insurance becomes expensive when damage occurs. The specific choice and the terms should be agreed with a specialist. How damage is handled is shown in How does a property manager handle a defect?. Who pays in a tenancy is covered in Who pays for damage in a rented flat?.
How we support you
As managers we keep an eye on the policies of the properties we look after, review contracts for sensible cover and possible savings and settle claims with the insurer. That way your building is suitably protected without you having to deal with every detail. We have looked after properties in Graz and the surrounding area since 1988. Arrange a conversation.