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Preparing for loss or damage in a housing company

A proper insurance gives protection against losses or damages that may occur in a housing company.

In case of a loss or damage, insurance helps. The most common risks related to real estate properties include the risks of fire, leakage, moisture and burglary. When the housing company has a carefully considered insurance policy with adequate coverage, any sudden and unexpected repair costs will be compensated for quickly and fairly.

Housing company’s liability

Certain losses and damages within a flat are the responsibility of the housing company, while others are the responsibility of the shareholder. The housing company is responsible for the structures and basic systems of the building. The housing company is also liable to compensate for the damaged interior of the flat if the damage is caused by a fault or failure of a building structure or system, or the repair thereof.

Shareholder’s liability

The shareholder is usually responsible for any surface material damage within the flat.  For instance, if the bathroom wall is damaged by moisture, the shareholder is responsible for the repair of the tiling.  The housing company is responsible for repairing the water isolation of the wall, and is entitled to claim for compensation from the housing company’s insurance company. The resident’s own home insurance covers any damaged surface materials.

Insurance solutions for real estate properties

Real estate insurances refer to insurance policies that cover the building and those structures, fixtures and surface materials that are installed as integral parts of the building. We offer two solutions for insuring real estate properties: Real Estate Full Value Insurance and Real Estate Insurance.

The Real Estate Full Value Insurance is intended for residential, commercial and office buildings. The Real Estate Insurance provides an insurance package for facilities in which, for example, industrial operations are run.

Each of these insurances is also available as extended ‘all risk’ insurances. The purpose of an extended insurance is to compensate for all sudden, unexpected losses or damages that are not excluded from the scope of coverage as specified in the insurance terms and conditions.

The real estate insurances include safety regulations and protection instructions for hot work, water isolation work, excavation and land moving work as well as precautions related to the storage of keys. All these instructions are worth observing.