Why is Building Insurance for a Dormant Owners Association Important?
- Protection against Damage: Without insurance, residents are responsible for the costs of damage to common parts such as the roof, facade or stairwell.
- Legal Obligation: An active homeowners' association must have building insurance by law. With a dormant homeowners' association, it is wise for owners to take on this responsibility.
- Peace of mind: Building insurance prevents you as an individual owner from paying high repair costs.
How does building insurance work for a dormant homeowners' association?
- Individual Coverage: Take out building insurance for your apartment yourself. Some insurers offer options for individual coverage within a dormant homeowners' association.
- Collective Option: Mobilize the other owners to take out building insurance together and activate the homeowners' association.
- Additional Owner's Interest Insurance: Cover improvements or adjustments in your own apartment, such as a luxury kitchen or floor.
Tips for Insuring a Dormant VvE
- Check the Status of Your Owners' Association: Does your homeowners' association not have active insurance? Then take action yourself.
- Compare Insurers: Choose a building insurance policy that takes dormant homeowners' associations into account.
- Consider HOA Activation: Active homeowners' associations benefit from collective coverage and better risk spreading.
How do you find the best building insurance for a dormant homeowners' association?
Compare insurers who have experience with dormant homeowners' associations and choose a policy that suits your situation. With the right insurance you can avoid high costs and protect your home and investment against damage.
