What is the property insurance insured against?
Correctly insured in the community of owners
Condominium Act regulates membership
Anyone who purchases living space that belongs to a larger residential complex usually joins a community of owners with the purchase. Their concerns and framework conditions are regulated in this country by the Home Ownership Act (WoEigG). This does not only affect buyers of condominiums; Even owners of terraced houses often automatically become part of such an administrative facility. Ownership associations decide on all important, common issues. For example, they decide on building work, administrative matters, house rules and the insurance of their property.
This is how the community of owners is composed
The community of owners comprises the entirety of all owners within a residential complex or a residential building. When buying an apartment within a complex, an apartment building or a row house settlement, buyers sign the so-called declaration of division. It determines who owns which room within the overall complex. All owners are noted there with their shares.
What belongs to whom in the community of owners
The binding community order of a community of owners regulates the coexistence, defines usage rights, decides on the financing of due construction measures and the distribution of running costs. A distinction is made between special, partial and communal property. The private property is your own living space, balconies and terraces. Shared rooms such as laundry rooms or party rooms are counted as part ownership. The outer walls, the roof, heating and supply lines as well as the property including the green areas are joint property.
The owners 'assembly: the apartment owners' parliament
Every member of the community has the opportunity to participate in the owners' meeting. This must take place at least once a year, but can be convened at any time if more than a quarter of the owners request it. The committee decides on the house rules, the choice of the mostly external administrator and the advisory board, the annual accounts, economic planning, structural changes, repairs and the provision of reserves for maintenance.
Exercise voting rights, influence decisions
Each member present usually has one vote at the owners' meeting. In many cases, however, the voting shares are assigned according to the ownership share. A three-quarters majority is required for structural measures that go beyond maintenance. However, the decision is only valid if the supporters who make up this majority own more than half of the total living space. All other measures can usually be enforced by a simple majority. If you miss the meetings, you are giving up important decisions.
House money as the community fund of the community of owners
The so-called house money plays a decisive role in economic planning. This summarizes the running costs for maintenance, administration, insurance, waste disposal and cleaning. According to the share in the declaration of division, the amounts are broken down and collected, in most cases they have to be paid once a year.
Insurance in the community of owners
Anyone who joins a community of owners automatically participates in all existing, community insurances through the house money and thus enjoys their protection. However, this is not always clear to everyone from the start, and so there is a risk of accidentally taking out double insurance.
Our tip: First find out which group insurance policies you already have before you take out your own. This avoids unnecessary effort, because you will not get rid of the new, superfluous insurance policy anytime soon. The insurance that you took out last is not obliged to let you out of the contract due to the double insurance. However, you have a two-week withdrawal period when you take out the insurance - if this has not yet expired, you can cancel the double insurance policy. If it is already over, the insurance can insist on its usual notice periods. Here, the insured are dependent on goodwill.
When you need to insure yourself
When it comes to insurance issues, a distinction is made in the community of owners between individual property and partial property / joint property. While the community, or its manager and advisory board, is subject to insurance for the common property, each individual owner insures his own property himself.
Which claims are covered in the community insurance
In the case of joint insurance, it is important: The joint insurance includes claims of individual apartment owners against the manager, claims of the owners among themselves and claims of individual parties against the community as a whole.
Compulsory insurance for owners' associations
There is a certain basic set of insurance that must be available for owner associations: This includes home and landowner liability as well as associated building insurance for all main and ancillary buildings. The compulsory insurance for this is regulated by the Condominium Act (WoEigG), Section 21 (5) point 3. It states that the property management company is obliged to provide fire insurance for the communal property and adequate insurance for the owners against home and landowner liability claims.
Optional insurance with owner associations
Depending on the nature of the building, additional glass insurance for the building and electronics insurance can make sense, for example if the architecture consists of a particularly high proportion of glass and many valuable electronic components have been installed (e.g. air conditioning, elevators).
In addition, a home allowance insurance or a joint legal protection insurance can be taken out. The house money loss insurance takes over if one of the members should suddenly become insolvent, the legal protection helps the community in legal disputes with third parties. However, these insurances are rather optional - the community of owners can decide alone whether they are really needed.
Secure the community of owners cheaply
All members of the community of owners decide together at the owners' meeting which insurances are taken out. In order to enforce the resolution, however, at least two thirds of the property owners must vote positively. So if you can put forward sound arguments, such as a cheap policy and top conditions, you have a clear advantage. Our insurance specialists will be happy to compare the various offers for you and find the right insurance for your community of owners.
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