When we manage the processing of reports of accidents that occurred in the flats or semi-detached houses of our clients, in the offices of Euroteide Insurance, Insurance Advisors, We observe that many owners or tenants are not clear if certain damages have to be covered by their Home insurance or by the community insurance of your building or development.
We are going to explain what are the characteristics of these two types of Insurance and their main differences. And remember that if you have any questions you may have, you just have to contact us without obligation. More than 27 years advising on home and community insurance make the difference of a good professional.
What is home insurance
It is an insurance product that covers the damages caused by a loss in the private building and in the contents of a dwelling, with an indemnity limit that corresponds to the value declared in the policy of that continent and that content.
Home insurance coverage
These are them minimum essential coverage in home insurance:
- Damage caused by theft.
- Damage caused by fires and explosions.
- Damage caused by electrical phenomena (such as surges, short circuits and voltage drops).
- Damages caused by atmospheric phenomena (wind, rainwater, snow or ice) that exceed the thresholds established in the contract.
- Damage caused by water from leaks in the home's water pipes.
- Cosmetic replacement coverage.
- Coverage of Civil liability.
We dedicate a paragraph to this last home insurance coverage, since this guarantee shields us for any damage caused to third parties, whatever the nature of the accident.
An example is the damage caused to lower floors by a water leak from a pipe in our home. And another compensation for personal injury to a person who has been injured by the impact of a pot from the sill of our window.
In the specific case of accidents with serious personal injury, the compensation amounts established by a court can be very high. Hence, since Euroteide Insurance Insurance Advisors, we recommend fixing an indemnity limit that sufficiently covers us in the face of this type of fortuitous misfortune.
Of course, insurers offer many more optional coverages. In this link, you can obtain detailed information about those additional home insurance coverage.
What are community insurance
For its part, community insurance Covers against damage caused by accidents that occur in the community areas of a building or urbanization. Among them:
- Damages caused by robberies and thefts in community areas, whether the damages are material or personal.
- The damages caused in the mainland or in the common content by malicious acts or vandalism.
- Damage caused to the mainland and community content by fires and explosions.
- Damage caused to the common elements of the building or urbanization by electrical phenomena (surges, voltage drops or short circuits).
- Damage caused by atmospheric phenomena (wind, rainwater, snow or ice) that exceed the established thresholds.
- Damage caused by water from leaks or leaks in pipes, pipes and gutters.
- The unblocking of water pipes and community gutters.
- Damages due to accidental breakage of glass, windows and community furniture.
- Liability coverage.
Regarding community civil liability coverage, the same thing happens with private civil liability of home insurance; This is a very important coverage.
By way of example, if a tile detaches from the façade and hits a pedestrian, the loss would not be covered by any of the homeowners' home insurance, since that tile is a common element. Hence the importance of that the indemnity limit contracted is sufficiently high, in anticipation of the occurrence of an accident with personal injury of a very serious nature.
Other optional coverages that are usually contracted in community insurance are:
- Personal injuries caused by accidents that occurred in community premises.
- If the community has hired an employee, the employer's civil liability coverage, in anticipation that the salaried person suffers an accident or occupational disease.
A good community insurance shields the community of owners against any type of event that occurs in the common facilities. And if you want to know more about this type of insurance, we recommend that you click on this link, where we explain in detail what the main coverage of a community insurance.
A tip to save on home insurance
We add that, in addition, In some community insurances, some damages caused by accidents caused in private areas are also included.
An example is the Coverage for water damage from an accident that occurred in the private driving of an apartment. In this hypothetical case, Community Insurance would cover damage caused to third parties, even if the owner or tenant of the home does not have Home Insurance.
Another example is the Coverage for cosmetic damage in the private area of a home. In this other case, the complete replacement of the aesthetics of the private building would also be borne by the community insurance, provided that the accident had occurred in a common area or element.
Other private coverages that are usually included in community insurance are:
- Breakage of glass, marble or private sanitary ware.
- Electrical damage in the private mainland.
Therefore, if we observe that there is duplication in some coverage of our home insurance and community insurance, we can eliminate them from the first, with the corresponding savings in the home insurance premium.
We end with a couple of questions: Have you recently had a domestic accident and you don't know if the damage should be covered by your home insurance or community insurance? Don't you know exactly what the scope of the coverage contracted in the homeowners' association insurance is?
In either case, contact the specialized mediators of Euroteide Seguros Asesores de Seguros, and allow us to review both policies, at no cost or commitment to you. Once we have clarified your doubts, you will know exactly the scope of the coverage of your Home Insurance and the Insurance of your community.