Apartment association insurance protects the apartment association and its members in case of sudden and unforeseen damage, such as a fire, plumbing leak, vandalism or natural disasters. It protects the property co-owned by the association (parts of the building, structures and movable property co-owned by the apartment owners). Insurance may include liability insurance in case someone is injured in the territory of the association.
The insurance usually covers the following risks: fire, plumbing leak, natural disasters (e.g. storm, hail), vandalism, flooding and breakage of the windows of the building, and civil liability claims from third parties.
The apartment association insurance covers shared property (e.g. building structures). Each apartment owner should consider insuring their apartment and the property in it with a separate home insurance. This includes, for example, insurance cover for their furniture, equipment, and interior finishing of the apartment.
If the building is damaged, the apartment association should immediately contact LHV Kindlustus and submit a claim for damages. We will then carry out a damage assessment and indemnify the damage to the extent agreed in the insurance contract.
Insurance premiums are usually distributed among apartment owners according to their share ownership of the building. This means that the owner of a larger apartment pays a larger share of the insurance premium.
Apartment association insurance covers only the costs of repairing sudden and unforeseen damage, and not planned and usual repairs or renovations. However, the LHV insurance cover extends to sudden and unforeseen losses incurred during regular repairs and maintenance. Planned repairs and renovations must be financed from the budget of the apartment association, a separately collected repair fund or with the help of an apartment association loan.
Yes, apartment association insurance also includes civil liability insurance (optional cover), which covers damage caused to third parties. Example: ice and snow from the roof of an apartment association building fall on a third-party car, and the car is damaged.
It is recommended that the insurance contract be reviewed at least once a year and if major changes are made to the building, such as construction or renovation work.
Yes, apartment association insurance can cover damage caused by natural disasters (e.g. storm, hail, flood) if they are agreed in the insurance contract.
If damage occurs, LHV Kindlustus must be notified immediately by calling 680 1122 or sending an email to kahjud@lhv.ee. We will carry out a damage assessment and initiate a claim procedure. The apartment association must submit the necessary documents and provide accurate information about the incident.