Insurance for housing companiesProtects your housing company against property damage and liability.
Insurance package for housing companies
We offer comprehensive insurance cover for your housing company’s property, liability and legal risks. The package also includes rental income interruption insurance.
Insurance for housing companies also covers HVAC and plumbing systems, open shelters and outdoor storage buildings, and solar panels and electric vehicle charging stations that serve the building.
Pohjola Claim Help 24/7 and an extensive partner network
Pohjola Claim Help offers useful instructions in the event of loss or damage and the contact information of our partners such as drying service providers.
All housing companies need real estate insurance
Pohjola Real Estate Insurance is designed for the needs of housing companies and can be customised flexibly. By choosing full value insurance based on the building’s floor area for your housing company, the building is always insured for its full replacement value.
If your housing company suffers a fire or a broken pipe causes water damage, the damages to the building are covered by the housing company’s real estate insurance. The insurance also covers outdoor storage buildings and open shelters, for example.
Insurance for housing companies is not mandatory, but it is advisable to prepare against losses. Insurance premiums are relatively small compared to the cost of repairing damage caused by a fire out of pocket, for example. By taking out insurance for your housing company with us, you get all policies necessary for your housing company in one handy package.
What other insurance do housing companies need?
General liability insurance
General liability insurance covers bodily injury or material damage caused to outside parties for which your housing company is liable for damages. A typical example is when a passer-by slips within the housing company’s property and suffers a leg injury. If you have neglected your duty to grit the icy yard, your housing company may be liable for the ensuing bodily injuries.
Directors’ liability insurance
Directors’ liability insurance protects the housing company’s board against risk. It covers financial losses incurred by the company, shareholders or other parties for which a lay property manager or board member are held liable under the Limited Liability Housing Companies Act. Liability insurance for the housing company’s board of directors also covers legal expenses in cases where the damage is due to negligence on the part of board members.
Legal expenses insurance
Legal expenses insurance assists in paying attorney and legal expenses in various civil and criminal cases related to the ownership, maintenance, management or use of the property.
Rental income interruption insurance
Rental income interruption insurance protects you against the loss of rental income if property damage occurs on your premises. You receive rental income from rented properties or parts of them if they become unfit for use as a result of damage.
Insurance for voluntary workers as an additional cover in real estate insurance
Housing companies should also consider taking out insurance for voluntary workers. The insurance covers injuries suffered by volunteer workers when cleaning outdoor areas, for example. Contact us for more information.
What does insurance for housing companies cover?
- The more limited real estate insurance for housing companies covers only specific losses, such as fire, leakage, storm, vandalism and break-in.
- In turn, extended real estate insurance for housing companies also covers sudden and unforeseeable losses, such as damages caused by heavy rain.
|Real estate insurance||Extended Real Estate Insurance|
|The building is damaged by fire||Yes||Yes|
|A burst pipe causes water damage||Yes||Yes|
|The building is broken into||Yes||Yes|
|The building is vandalised||Yes||Yes|
|A machine or equipment serving the building is damaged||Yes||Yes|
|A tree felled by a storm breaks the roof, causing water damage.||Yes||Yes|
|Excess voltage caused by lightning damages the building’s automation systems||Yes||Yes|
|Exceptional freshwater flooding or heavy rain causes water damage inside the building||No||Yes|
|A heavy hailstorm causes damage to the roof||No||Yes|
|The building’s roof is leaking||No||Yes|
|A passer-by slips on the housing company’s property and the person’s leg is injured||Yes||Yes|
|Financial loss for which the lay property manager or board member are liable||Yes||Yes|
Legal expenses and litigation costs
Will the housing company’s insurance cover water damage?
The more limited option for real estate insurance covers leakage damage caused by the breakdown of a machine or equipment serving the building, for example, but not water damage caused by flooding or heavy rain. Such damages are covered under Extended Real Estate Insurance.
Extended Real Estate Insurance covers damage caused by a sudden and unforeseeable event, such as when exceptional saltwater or freshwater flooding raises water levels, causing damage to a building.
For the exact definitions to coverage, see the insurance terms and conditions at the bottom of this page. Ask our experts for more information!
Insurance protects the housing company and its residents
Insurance protects the housing company against losses, but the residents may also be held liable for damages they cause to the property. If a resident causes damage to the property’s structures due to negligence, the housing company may claim damages from the resident. Despite the fact that the housing company’s real estate insurance partially overlaps with shareholders’ personal home insurance, it is advisable that you insure the housing company with a suitable real estate insurance. Home insurance protects residents’ movable property and fixed interior decoration, but the building’s structures are insured by the housing company’s real estate insurance.
In addition to comprehensive insurance cover, your housing company should try to identify risks and take preventive measures. By adopting a safety plan for the housing company and practicing responsible property maintenance and goal-oriented risk management, housing companies can achieve substantial cost savings and a better quality of living. Check out the safety regulations by Pohjola Insurance from the links at the bottom of this page!
How is the price of insurance for housing companies determined?
The price of housing company insurance depends on the cubic volume, location and age of the buildings and the amount of deductible selected. The price also depends on the score of insurance selected for the housing company. You can choose either full value insurance for the housing company or take out insurance for an agreed sum. Extended Real Estate Insurance, which offers better cover against damages caused by natural phenomena, is more expensive, but the significantly better insurance cover it affords is often the most sensible option, as the cost of damages can often rise very high.
When determining the price of insurance for your housing company, we also take into account any basic renovations made to the building as well as the property’s safety and security solutions.
Ask for a quote to receive more information and our offer for real estate insurance for your housing company! Let our expert help you find the best insurance solution for your housing company’s needs.