With the reserve fund, the co-ownership can sign an insurance contract covering the common parts. The basic cover to consider is:
- Civil liability: for damages that may be caused to third parties (for example: slippery staircase, falling tile causing damage to a third party, etc.)
- Material damage, such as fire, explosion, lightning or atmospheric phenomena,
- Water damage
- Communities’ assistance: include a 24/7 assistance service, 365 days a year
- Pest control, fumigation & disinfection services to eradicate the proliferation of cockroaches, moths, rats, etc., in the common areas.
- Unblocking communal drains
- Glass breakage or mirrors in common areas
- Full Company Payroll Service including Employment Law Updates
Set up
| Communities of property owners and buildings are exposed every day to multiple risks which require the availability of urgent and necessary services. It is therefore important to take out insurance |
| called in Spanish “seguro de comunidad” for the peace of mind of all property owners. In Spain, communities and building insurance is not compulsory at national level, although it is strongly recommended. |
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According to the Horizontal Property Law (LPH): Art 9: “it is necessary to have a reserve fund; an annual sum to cover conservation and repair work on the building or work resulting from fires or floods.” With the reserve fund, the co-ownership can sign an insurance contract covering the common parts. |