For most people, their home is their most valuable asset, a sentimental as well as economic value that should be protected for life.
Many people who live in a block of flats think that the insurance taken out by the building management is in itself sufficient to avoid nasty surprises in the event of damage to the building. But this is only partly true: condominium insurance does not always provide adequate protection for the “walls” of our flat.
In fact, the main purpose of a condominium policy is to protect the condominium owners’ personal assets in the event of damage to the common parts of the building and not to their private flats. This means that condominium policy coverage will always guarantee reimbursement for fire, for infiltration damage due to condominium plumbing problems, as well as for problems involving automatic gates, front doors, etc., but this will not be the case if accidents, damage or theft occur in individual private flats.
Thus, in the event of unforeseeable situations damaging our home and causing unforeseen expenses, savings and family peace of mind could be affected. In order to avoid this eventuality, it may be crucial for flat owners to take advantage of insurance products that today allow them to purchase customised cover for every need.
In this scenario, it is therefore normal that, in order to increase the control over the protection of their assets, individual flat owners should take out an additional policy for their flat. By contacting their own insurance agency or consulting online comparators, which compare offers on the net, clients can, depending on their needs, take out the best private policy that complements the condominium policy, obtaining complete protection for their home, with the certainty that in the event of adverse events, family assets will not be affected.
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