Compulsory insurances for owners of apartments
As already mentioned, there are insurances that you as a condominium owner must take out by law. However, these are usually covered by the owners' association. As an owner, you should ask your property management company for details.
1. building insurance
Building insurance with fire insurance is one of these mandatory insurances for condominiums. Although the law only mentions fire insurance, it usually also covers tap water, storm and hail.
This insurance is a joint insurance of the homeowners' association, which means that you as the owner do not have to take care of it. Your share for the insurance is automatically included in your statement. You automatically pay for the building insurance as part of your house payment.
2. homeowner and landowner liability
The homeowner's and landowner's liability insurance is another mandatory insurance, which is also listed as mandatory insurance in § 21 of the WEG Act. You do not have to take out this insurance yourself either. It should also be taken out by your property management company for the condominium owners' association (WEG). You also pay for homeowner's liability insurance automatically as part of your homeowner's fee. Usually, the amounts for this insurance are not very high.
This insurance covers damage caused to passers-by who are injured, for example, by black ice or falling parts during a storm.
Our tip: A good property management company must transparently explain which insurance policy has been taken out for the building and at what conditions. In addition, it makes sense from time to time to review the premiums and possibly discuss them at the owners' meeting. Your property manager should usually seek help from external, professional insurance brokers to check your contracts for cost efficiency and completeness.
Ralph will check all your current insurances free of charge on request and can obtain cheaper or better offers for you if necessary. Too often when we take over a new COA, we find that the insurance policies are either overpriced or inadequate. Often we can save WEGs significant costs through our favorable master agreements.
The change to Ralph is uncomplicated.
1. building insurance
Building insurance with fire insurance is one of these mandatory insurances for condominiums. Although the law only mentions fire insurance, it usually also covers tap water, storm and hail.
This insurance is a joint insurance of the homeowners' association, which means that you as the owner do not have to take care of it. Your share for the insurance is automatically included in your statement. You automatically pay for the building insurance as part of your house payment.
2. homeowner and landowner liability
The homeowner's and landowner's liability insurance is another mandatory insurance, which is also listed as mandatory insurance in § 21 of the WEG Act. You do not have to take out this insurance yourself either. It should also be taken out by your property management company for the condominium owners' association (WEG). You also pay for homeowner's liability insurance automatically as part of your homeowner's fee. Usually, the amounts for this insurance are not very high.
This insurance covers damage caused to passers-by who are injured, for example, by black ice or falling parts during a storm.
Our tip: A good property management company must transparently explain which insurance policy has been taken out for the building and at what conditions. In addition, it makes sense from time to time to review the premiums and possibly discuss them at the owners' meeting. Your property manager should usually seek help from external, professional insurance brokers to check your contracts for cost efficiency and completeness.
Ralph will check all your current insurances free of charge on request and can obtain cheaper or better offers for you if necessary. Too often when we take over a new COA, we find that the insurance policies are either overpriced or inadequate. Often we can save WEGs significant costs through our favorable master agreements.
