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Apartment Association Insurance

The apartment association is responsible for the maintenance of the joint ownership of apartment building residents, who may, in spite of their best intentions, be unable to foresee all unexpected events.

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Apartment Association is a risk

IIZI’s apartment association insurance solution offers apartment owners property and liability insurance protection for co-owned parts of the building. This new solution relies on the most common loss events, offering the necessary protection at a reasonable price and taking into account actual everyday needs.

You can choose between two packages:

Covered insured events Standard coverage Expanded coverage
Fire Yes Yes
Piping leakage Yes Yes
Burglary Yes Yes
Vandalism Yes Yes
Storm Yes Yes
Flood Yes Yes
Power cut Only because of the lighting strike Yes
Construction error No Yes
The weight of ice and snow No Yes
Costs of continuing an economic activity No Yes

Standard coverage also includes compensation of:

  • repair costs of up to EUR 1000 for the building’s utility system and piping system that caused the leak. As well as costs that are associated with repairing frost damage;
  • costs necessary to restore the building’s envelope elements that were broken or damaged during the course of a break-in or robbery. Also costs associated with lock replacement and the acquisition of new locks;
  • costs of restoration of advertising lettering, a decoration, painting, etc., on a broken glass surface with a compensation limit of EUR 1000;
  • reasonable expenditures for preventing or reducing damage, even if these did not produce the desired result;
  • demolition and cleaning works, as well as debris removal costs with an indemnity limit of 10% of the sum insured, a maximum of EUR 100,000 per case;
  • additional costs arising from legal requirements and / or precepts from competent authorities upon restoration of the insured object;
  • the costs necessary for the issuing of a building or use permit when restoring a building;
  • damage caused to another insured object that is in good condition or a part thereof as a result of a defect, hidden defect, wear and tear, material fatigue by the insured object or a part thereof that originally existed

Expanded coverage also includes compensation of:

  • damage caused by a short circuit, overvoltage or undervoltage, lightning strike or earth fault due to an unexpected and unforeseen external event;
  • damage, which was caused by the movement of ice, or the weight of ice or snow;
  • damage that has been caused by precipitation or meltwater from the melting of ice or snow that has penetrated through the roof, closed windows or doors, the foundation or other structure;
  • Justified and reasonable expenses incurred by the policyholder for renting temporary premises or equipment, moving and informing customers of the new location in the amount of € 10,000 for the continuation of economic activities as a direct result of the insured event.

In addition, it is possible to choose IIZI additional real estate liability insurance. Real estate liability insurance protects the apartment association in the event of third party claims. The insured event can be, for example, an icicle falling from the roof of the building, which injures a passing pedestrian or damages a parked vehicle. Broken piping, the maintenance of which is the responsibility of the apartment association, which causes damage to some of the apartments in the building, etc. In the event of an insured event the injured party may demand that the apartment association pays for the damage. Property and personal damage are both subject to compensation.

If the insurance solution meets the interests and needs of your apartment association, then please send us an inquiry, providing additional information here and we can prepare an insurance offer for you.

The insurance solution described above is unique, taking into account all insurance coverage, as a result of which IIZI is able to present you with an insurance offer from one insurer.

If the insurance solution described above does not meet your requirements for an insurance contract and you wish to use the IIZI brokerage service for other reasons, please send your request to info@iizi.ee You will be contacted in order to agree on the scope and cost of the brokerage service to be provided by IIZI to you.