A condo minium is made up of several owners whose apartments are in the same housing complex, the same residence or the same building. The law requires the trustee of co-ownership to take out special insurance that will cover any claims on the condo insurance quote online and especially on the common areas. Let’s take stock of this specific insurance and its role.
What does the condo insurance quote online insurance cover?
The condo insurance quote online is selected by the trustee and its cost is divided between each co-owner . Its value is calculated according to the insured area and the value of the real estate complex included in the contract. It can then compensate the trustee of co-ownership but also directly the co-owners in case of litigation or loss.
Are generally covered:
The civil responsibility of the co-ownership, in case of damages caused to a third party co-owner or not by a defective equipment of the common parts, for example;
- The legal protection insurance of the co-ownership and co-owners;
- Fire, lightning, explosion;
- Damage caused by flames, smoke or firefighters
- Water damage;
- Breakage of ice;
- The damage caused by hail, snow or a storm;
- Natural and technological disasters;
- And burglary or theft of keys entrusted to the guardian.
To be satisfied with the insurance condo insurance quote online?
We recommend to any owner not to be satisfied with the condo insurance quote online insurance which will take care of the claims for which the responsibility results from this last one. It is therefore more than sensible to take out a home insurance. The latter will complete the insurance coverage condo insurance quote online if necessary and you will ensure the best housing. If you do not live there, look at the non-occupant homeowner’s insurance that will also complement this.
Do not forget also to inquire about the additional guarantees “new equipment” and “indirect losses” which can come to supplement the indemnities in case of disaster, that this one is the responsibility of the joint ownership or yours. Indeed, it is possible that the maximum threshold of the indemnities envisaged by one or the other of the insurances home does not satisfy you. To you to see if you wish to add additional guarantees to remedy it but anyway to subscribe a multi-home own house is strongly advised.
Owners: the interest of taking out home insurance
Although homeowners ‘ insurance is not mandatory for homeowners, it is an almost indispensable asset for homeowners and we strongly recommend that you subscribe to it. Indeed, an owner who rents his property agrees that it is in good condition. If a claim related to a lack of maintenance or construction of the apartment were to occur, the landlord’s liability could then be incurred and he / she would have to reimburse the repairs to the victims.
The interest of taking out home insurance is therefore noticeable whether the owner lives in the property concerned or not. It is therefore essential to understand the contribution of home insurance in the various possible cases.
You own and occupy your home
First of all, be aware that you do not have to insure your property, unless it is part of a condo insurance quote online. However, without home multi-risk, you will be responsible for any compensation for damages caused by a loss related to your apartment or house. It is therefore strongly recommended to take out home insurance.
The basic guarantees cover losses related to explosions, fires, burglaries or violent attacks, natural and technological disasters, storms-hail-snow, ice breakage, water damage, acts of terrorism or attacks or those related to your responsibility. Civil.
The elements of your dwelling that are covered are the real estate concerned, its exterior and interior fittings, as well as the movable property and declared valuables.
The home insurance also covers the owner of the property but also his spouse and any other dependents, including pets, for third party liability and compensation for bodily injury and property damage.
You own and rent your home
If you are an owner but do not live in your property or rent it, you do not have to buy home insurance either. However, it is strongly recommended to insure at least your civil liability. Thanks to this, in case of damage related for example to a defect of construction or a lack of maintenance, the owner will be covered.
After having checked the contract signed by your co-ownership trustee for your building or residence, you may need to take out additional guarantees such as the “Tenants‘ Remedy” or the “Neighbors and Third Parties Remedy”, in order to to be covered in case of harm to the persons concerned. Indeed, it may be that inadequate maintenance of your apartment, for example, causes harm to your tenant or your neighbors. By subscribing to one of these additional guarantees, this assumption is also covered, even if you do not live in your property.
As part of a rental, the owner can leave the cost of insurance and the costs that are incumbent on the tenant. This will require that this support is clearly written in the lease. In this hypothesis:
- Or the tenant himself subscribes a comprehensive home and is able to prove to the owner,
- Or the owner himself subscribes insurance and includes the costs of the latter in the rent,
- Or he takes all expenses at his expense.
The three options are legal. The whole thing is to make sure.
It is also possible, in the case of short-term rentals, to opt for insurance “on whose behalf it will belong” , which covers the accommodation, its contents and the owner’s liability. The tenant and the landlord are covered, even if the tenant changes regularly.