The coverage of water damage in community insurance policies is the guarantee through which the insurer takes care of the damages caused to the common elements, due to breakages suffered in community pipelines (general pipelines).
This warranty is usually associated with civil liability arising from water damage. In this way, damages caused in private homes or commercial premises, will also be covered.
It is one of the coverage’s insurance community most commonly used, especially in old buildings or communities, because in them more often claims occur. A solution widely used to lower the price of insurance is to include a franchise under this guarantee so that the insured takes a part of the cost of the loss.
It is usually one of the most discussed coverage’s when comparing policies to decide which are the community insurance contracts that most interest.
What aspects should be taken into account in water damage coverage?
Most insurance companies in this coverage, take care of the costs of locating faults and repair of community lines, in addition to repair the damage caused, as explained above.
Under these guarantees, some homeowners’ community insurances include limits (or first risk) and others that cover 100% of what may occur. Of course, it is important to check whether or not there are franchises, which may be established as a percentage or defined by a fixed amount.
In many cases, it is convenient that, by reading the general condition of the policy, we verify what they understand (the insurers) by ” community conducts “, to know how far the coverage of the farm policy is extended, since some companies do not include Nothing more than to the joint of the community pipe with the particular, while other insurers, extend it to the stopcock even if it is inside the house.
There are many other possible causes of damage occurring, for example, damage frost , for jams , leaks or damage from leaks , … For each of these causes, we can see that some insurers include it within the coverage of water damage and other do not. In addition, in the cases that include it, the limits and conditions of coverage are different.
It is also very different the coverage given by different companies when the “broken” driving is located outside the building. There are insurers that do not provide coverage if there is no damage to the building. In other companies they exclude it if they are underground pipes that are outside the vertical of the roof of the building. There are some insurers that do cover these claims.
For some insurers, if we hire water damage, we need to declare if the neighborhood community has central heating and / or community hot water. Thus, we can also insure these plumbing installations.
There are some insurance policies of neighborhood communities, which have the possibility of extending the guarantee of pipe breaks also for the private pipes of each dwelling. However, their recruitment is not very common.
Which insurer has the best coverage for water damage?
Let us give an example. We can observe that the same company that offers very good conditions and economic premiums in water damages for insurance of new buildings, may be one of the worse conditions offered for ancient communities.
In order to arrive at a correct decision, it is advisable to make an objective study or a good comparative of community insurance. This requires knowing what limits, exclusions and conditions the coverage has. Of course, you also have to know exclusions well. For this job, the best recommendation would be to use the services of an insurance broker (or insurance broker).
This guarantee, in many cases, is the most decisive, but it will always be advisable to know the rest of the community insurance coverage to decide what the best insurance for our building is.