Insurance of apartment house building
Insurance of apartment house building compensates the losses incurred to parts of the building that are under common ownership of the residents and helps to quickly restore the normal living environment. Building envelope can be insured against various risks, e.g. storm, flood, theft, fire, equipment breakdown and pipe leak. Cover encompasses parts of the building that are under common ownership, including external walls, roof, and electrical, heating and safety systems.
In addition, you can purchase liability insurance cover against third party claims.
- Wide choice of channels for purchasing insurance cover. You can conclude the contract or ask for an offer from any sales facility across Estonia or through internet www.salva24.ee.
- Several benefits. You can get 10% off the price, if you conclude the contract through internet. See for details www.salva24.ee.
- Quick and professional loss adjustment. Salva’s experienced consultants and quick loss adjustment process ensure the smooth restoration of building’s former condition.
- Insurance for all parts of a building that are under common ownership. Insurance covers all jointly owned details of a building that are necessary for maintaining the house or guaranteeing its safety or are meant for common use. E.g. it encompasses external walls, windows, roof, basement, ceilings and inner decoration of public spaces. See for details here.
- Protection is also provided for heating and water supply systems. Insurance covers besides the building also permanently installed public heating, electricity, ventilation, water supply, sewerage, and fire protection and security systems.
- Insurance does not require the existence of an apartment association. Insurance does not require the existence of an apartment association and insurance cover can also be purchased by the company that manages the house, jointly by all apartment owners or by an authorised representative.
- Insurance compensates the losses of structures that belong to the building. These structures include e.g. fence, barrier, gate, waste disposal facility, external lighting system. The full list is provided here.
- Comprehensive insurance cover. Building envelope can be insured against all widespread risks, e.g. fire, pipe and equipment leak, storm, flood, theft and vandalism. See terms and conditions here.
- Possibility to choose additional covers.
- Equipment breakdown cover compensates the losses caused by equipment failure or internal malfunction.
- Extended insurance covers many different losses that the selected risk insurance does not cover. E.g. it encompasses repair costs of a broken water pipe (within the plot) and overvoltage damage caused to utility systems.
For example: piping of an apartment house burst. Salva compensated besides occurred water loss also repair costs of piping and digging costs because the pipe was located within the plot. This apartment house had the extended insurance cover.
All owners can purchase insurance of apartment house building jointly or they may assign an authorized person, apartment association or the management company as their representative. A single apartment owner may conclude the insurance contract and the consent of all other owners is provided in the contract as a special condition. Payments of insurance premium are made jointly and the compensation is paid either to the association or the authorized representative of all owners.
The most common loss events in case of apartment houses are related to vandalism. That means the violation of staircase walls, breaking the doors or steeling entry (phone) systems. Relatively common is the theft of boiler equipment and appliances (wires, pumps, etc.). Unfortunate cases of fire also occur frequently.
It is important to distinguish between home insurance and insurance of apartment house building. Insurance of apartment house building covers all parts of a building that are under common ownership and are necessary for maintaining the house or guaranteeing its safety or are meant for common use. E.g. it encompasses ceilings, basement, load-bearing walls, roof. In addition, it covers all public electrical, heating, gas, ventilation, water supply, sewerage, communication, fire protection and safety systems as well as elevators. As the insurance of apartment house building does not cover all potential losses of each separate apartment, the owners should consider all the risks and purchase a separate insurance for their homes.
Insurance premium depends on the size and specialities of an apartment house as well as on potential risks to be insured. E.g. the premium depends on whether the association considers as sufficient the selected risk insurance that protects against fire, vandalism and natural disaster, or whether it would be necessary to purchase a supplementary cover e.g. against third party claims. It is advisable to discuss various options and needs with the Salva’s consultant or to calculate the premium payment through internet www.salva24.ee.