The maintenance of the joint property of apartment building residents falls to the apartment association, who may, in spite of their best intentions, be unable to foresee all unexpected events. A fire that started in an apartment is also likely to damage the corridor, roof or ceiling. Insuring the apartment association provides a sense of security for every resident.
Associations can choose from the following additional covers:
Liability insurance
In addition to property insurance, an apartment association can also insure against any risks related to the association’s liability. An association’s liability may be caused by activity or inactivity. For example, all members of an association are liable for an event where an icicle falling from the eaves of the building breaks a car roof or where a person breaks a leg in a dark staircase. Or if the building’s general plumbing, which is maintained by the association, breaks, causing damage to some apartments or movable property.
Apartment ownerships are able to select the following additional covers:
Liability insurance
In addition to real estate insurance, the apartment association may also insure the liability risks facing the apartment ownership. Apartment association liability may arise from either action or inaction. For example, all association members are liable if a block of ice falling from the roof of the building damages the roof of a car or someone falls and breaks their leg in a dark stairwell. Of if the common piping, which the association is in charge of maintaining, in the building breaks, causing damage to an apartment or moveable property.