At futurseguros we frequently receive mails with very basic queries about coverage in community insurance policies, and the conclusion I draw is that most policyholders do not have much of an idea about the insurance they have, of course, after all, community insurance is a policy that belongs to everyone and to no one, I mean, it is normal that we know the coverage or at least how our home, commercial or life insurance works, we pay for it every year, but the insurance of the community of neighbours may only have seen it the year that unfortunately we had to be the president of the neighbours’ meeting.
So let’s take a look at some common features of these insurances that I think may help you if you happen to be president, as well as some tips based on our experience that I think may help you.
How to improve your community insurance?
The first thing you can do if you are appointed president of the community is to ask the previous president for a copy of the community insurance, if he does not have it, you can ask the community’s property manager for it.
What happens if my property manager does not want to give me a copy of the community insurance?
If the Administrator does not want to give you a copy of the policy, it is possible that he is the mediator (seller) of the policy or has some benefit in that the policy is not changed from one company to another. Insist, he is obliged to give it to you. If not, you can speak directly with the insurer, providing the document where you are named president and your ID.
Coberturas que debes revisar en un seguro comunitario.
Once you have the policy, find out how many years you have been with the same insurance company, if it has been several years (5 or more), I think it is advisable to ask for a quote from several companies or at least review the policy with the same company where you already have it, it can be very outdated in some cases.
How to check my community insurance policy?
First of all, confirm that you are insuring the coverage you need, here are a few things we always check in a community policy:
Is the content capital correct? If you have common content?…
Is the number of dwellings, business premises or other elements correct?
Are garden areas/pool included without having them?
In capitalised hedges, is there a logic to the capital allocated? For example, the capital in community windows is 6000 euros and we only have glass in the entrance door with a value of 500 euros.
Is there community machinery? Lift, water pumps, etc. If not, you will not need machinery breakdown cover.
Liability insurance policies can sometimes be too high or too low.
Payment method, most companies offer discounts for annual payment.
How to choose between two similar community insurances?
In the event that you have several quotes that are very similar in coverage and price, and they are all from serious insurance companies, in my opinion the best thing to do is to look in detail at the water coverage, especially if the community is more than 20 years old, and to analyse the differences in the coverage of each insurance company.
If more or less all of them cover the “water” risk in the same way, I think that the best choice is the insurance that does not have or at least has less cover at first risk or with excess (this is usually common in order to lower prices in some companies).
In short, the easiest way is to ask for a quote from several companies and have an agent draw up a custom policy for you, compare one insurance simulation with another and ask any questions, insurance agents are there for that. If you want us to give you a price, you just have to send it to us by email without any commitment. In addition, the residents of the community will have a discount on their home insurance with futurseguros, by taking out community insurance.