Theft cover in community insurance plays an important role in protecting the collective assets of a homeowners’ association. It is not usually one of the most frequently used covers in this type of policy, but it can apply in different types of claims.
Some insurers include this cover within the basic guarantees, while in other cases it is optional.
What Does Theft Cover Include in Community Insurance?
As always, we should stress that the guarantees in this type of policy, as in other insurance lines, are not the same with every insurer our Madrid insurance brokerage works with. Broadly speaking, theft cover in community insurance is the guarantee under which the insurer covers the theft of communal contents or furniture, as well as damage to the building caused during the theft.
It extends beyond monetary compensation for stolen goods. It is not limited to reimbursement for material loss, but includes a range of services designed to minimise the impact of theft, including replacement of keys and locks.
A careful review of the policy terms reveals the breadth of the protection provided. In addition to material goods, this guarantee also covers damage resulting from theft or attempted theft. Damage to the building caused by unlawful entry is also contemplated.
If a member of the community suffers a theft, through violence or intimidation, in the common areas of the building, some insurers include a series of limits and compensation criteria in addition to compensation for the loss of material goods. These may range from compensation for replacement of clothing and personal effects to reimbursement of expenses related to stolen personal documents.
As always, we recommend consulting your specific case with an insurance brokerage specialised in community insurance, as we are, and comparing both the insured sums and the concepts included in each insurer’s cover. For example, you should analyse the different limits included for both simple theft, if the company includes it, and robbery in each proposal.
We are at your disposal to inform you about the best community insurance offers.
[vcex_button url="https://vidasr.com/en/contact/" title="CONTACT" style="flat" align="left" color="black" size="small" target="self" rel="none"]CONTACT[/vcex_button]