A common building insurance also known as block of flats insurance, joint building insurance or buildings insurance helps you protect your property from unexpected accidents resulting in large bills. The common building insurance answers for unforeseen damages in the common parts of the building. If you want to insurance the valuables inside your home you will also need to take out a separate home contents insurance.
If you are a homeowner living in a block of flats it is advisable to have a common building insurance together with other owners in the building. This could be less expensive. Depending on which Spanish Comunidad Autónoma you live in it is mandatory to take out a common building insurance. Get in touch with us to provide you with more details about your particular situation.
In the same way a buildings insurance can protect you as a landlord and cover the expenses of accidents happening in your building affecting the community owners or individual owners of the flats.
What Is Usually Included in a Buildings Insurance
Basic coverages under a common building insurance include damages by:
- Lightning strike
- Natural disasters like heavy rainfall, flood, hail, snowstorms
- Water leaks in common areas
- 3rd party works in adjacent buildings
The insurance also includes the coverage of some expenses as a result of an accident i,e. renting of a new home or hotel room if the building cannot be used, payment of demolition or life-saving procedures following an accident covered by the policy or payment of aesthetic interventions in the building to return it to it previous condition.
Third-party liability covering damages to other people is also included in this insurance.
Some of the most common extended coverages include:
- electrical damages
- legal expenses
- damages to vehicles in the common parking due to fire, explosions or lightning strike
- theft & vandalism in common areas
If you are unsure about the need of taking out a common building insurance in Spain get in touch with us or fill the form below and we will provide you with the details for your particular case and a quote.