Insuring a Co-ownership: Why Choosing a Specialized Broker is Essential

Managing a co-ownership not only requires good daily administration but also thorough risk management. Fire, water damage, liability issues: the consequences of incidents can be severe, both financially and legally.
In this context, having appropriate insurance coverage is not a luxury, but an absolute necessity for property managers and co-ownership associations.

Fire insurance: the cornerstone of protection

Fire insurance for a building covers much more than just damage caused by fire.
It also covers:

• Water damage,

• Natural disasters,

• Glass breakage,

• Acts of vandalism,

• Storm and flood damage.

The insured capital must correspond to the rebuilding value of the building, not just its market value, to avoid major losses in the event of a claim.

Legal protection insurance: defending your interests

Conflicts within a co-ownership are frequent:

• Disputes with contractors,

• Disagreements between co-owners,

• Issues with third parties.

An adequate legal protection insurance allows:

• Coverage of legal fees and expert costs,

• Assistance during amicable or legal procedures,

• Effective defense of the co-ownership’s interests.

Liability insurance: protecting against third-party damages

As a property manager, you represent the co-ownership. Your personal liability, as well as the co-ownership’s liability, may be engaged in cases of:

• Bodily injuries to third parties due to poor maintenance,

• Material damages resulting from construction defects,

• Mismanagement.

Specific liability insurance covers these risks, protecting both the manager and the co-owners.

Additional options for customized coverage

Each co-ownership is unique. Depending on the situation, additional coverage might be necessary, such as:

• Theft coverage for common areas, cellars, or garages,

• Solar panel insurance,

• Elevator coverage,

• Insurance for renovation works,

• Specific coverage for leased common areas.

Why choose a specialized broker?

The insurance market is broad, but not every policy is tailored to the specific needs of co-ownerships.

A specialized broker provides:

• A comprehensive analysis of your building’s real needs,

• An objective comparison of available policies,

• A customized insurance solution,

• Effective support in case of a claim.

An experienced broker is a strategic partner, ensuring that your coverage evolves along with the changes in your property.

In conclusion

A well-insured co-ownership is a protected and valued property.
Choosing a specialized broker guarantees the financial and legal security of all co-owners and allows property managers to fulfill their mission with complete peace of mind.