It is recommended that joint property be insured under the principle of all-risk, in the case of which the apartment association is protected against all sort of unexpected events. In this case, Seesam offers extended Real Estate Insurance.

Extended Real Estate Insurance

This is all-risk insurance cover that is unique on the insurance market, which also covers, in addition to standard risks (fire, lightning strike, explosion, pipe leak, break-in, vandalism and storm), damages resulting from:

• water accidents (such as sewerage clogs, taps left running, overflow);
• rain water having flowed through the structures of the roof;
• trees having fallen on the building (the cause of this damage does not have to be a storm);
• a part of the building stolen from the building;
• and other sudden and unforeseen events, which cause material damage.

Real estate insurance

If you have assessed the risks facing your apartment association, and you are convinced that there is no need for such broad insurance cover, then you can select standard Real Estate Insurance, which offers coverage against wind, lightning strike, explosion, break-in and vandalism, pipe leak and storms

Both selections automatically include:

• insurance cover for the stationary outside systems required for maintenance and heating the building and electrical wiring up to the common connection point (but not beyond the boundary of the registered immovable of the insured building) and stationary facilities, outdoor lightning equiptment, barriers, flag posts, fences and car, waste or other shelters with the area occupied by the structures being up to 20m² that belong to the building and are located on the same registered immovable with the building. The insured sum of the property listed is 15,000 euros for all the property.
• insurance cover for the cost of lock replacement is compensated to the extent of EUR 1500, if the key was robbed or stolen during a break-in.

Apartment ownerships are able to select the following additional covers:

• all-risk cover for the breaking of windows in commonly used rooms with a lower deductible.
• coverage for flooding resulting from a storm or heavy rains.

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.