What is a VVE building insurance?
Do you live with other residents in an apartment complex? Then you most likely have an Owners' Association (VVE). The VVE ensures that joint maintenance is carried out on the apartment complex. As a co-occupant, you pay a monthly contribution to the VVE.
The VVE also takes out building insurance for the entire building. Home insurance is taken out to cover damage to the building. If, for example, there is a fire, the damage is covered by the building insurance. In principle, there is not much difference between an individual building insurance and a VVE building insurance. They both cover the same types of damage, including fire, storm and burglary. What is the difference? With the VVE, every resident is covered under the same building insurance.
Why a building insurance for a VVE?
Building insurance with the VVE has a number of advantages. You do not have to take out insurance yourself, but it is arranged through the VVE. However, each resident must agree to this. In addition, the (contribution for) VVE building insurance can be advantageous compared to the premium for your own building insurance. Often a basic amount per apartment is assumed and the insurance is taken out.
Building insurance VVE coverage: what is covered?
Insured
Anything you can't just take with you when you move is insured with buildings insurance. In other words, is it attached to your apartment? Then at least it's covered by buildings insurance. Damage to the construction of your apartment, such as cracks in the walls or ceiling, is also covered. Furthermore, you can think of fire damage to the kitchen or water damage to the bathroom or kitchen.
Not/extra insured
Be aware that some things are not covered by default with building insurance VVE. This could be glass or environmental damage, for example. Would you still like to have this covered with insurance? Then an additional coverage on top of your building insurance offers a solution. Does your apartment have a higher value than the building insurance covers? If so, you will have to take out a separate premium on top of the building insurance. What is never insured: damages caused by floods, earthquakes and fraud/ recklessness by/of the insured.
Home insurance mandatory?
Property insurance is always mandatory. In fact, this has been established by law since 1973. Do you have an active condominium association? Then it is not possible to take out independent (basic) insurance with most insurers. However, it is possible to take out additional insurance 'on top' of the building insurance.
Compare and contrast building insurance for VVE
Your VVE needs buildings insurance. Preferably as inexpensively as possible, with ample coverage. With this in mind, there are a number of things you need to consider as a VVE.
Know the value
Do you want to take out VVE building insurance for your property? Then, first of all, you need to know the current value of the property. It is wise to check this every year to avoid underinsurance. Make sure you know the reconstruction value of the property. This is not the same as the resale value! The reconstruction value is the amount needed, to restore the property to its original condition (if necessary).
Flat clause
Was damage caused by the fault of one of the tenants of the apartment complex? Did you not have an apartment clause included? Then your insurer will not pay out either. Therefore, always have this clause included in your policy. This way, all other residents will also be covered.
Inform owners
Every owner should at least be informed about the VVE building insurance. In principle, they should also have a say about the building insurance. Otherwise, they should at least be able to express an opinion. It is also wise to inform an owner about what exactly is insured. Tell the owner to take into account any uninsured items. Has someone installed a new (more expensive) kitchen? Then there is a good chance that this kitchen is not included in the insurance. Keep the owner informed of this and indicate that the occupant may need to take out additional insurance.
Choose what you want to insure
An insurer offers different packages regarding VVE building insurance. These often include basic coverage and any additional circumstances to be insured. Discuss carefully with the residents which package you choose. The more complete the coverage, the better protected you are. However, the premium will go up. Consider this carefully in consultation with the entire VVE!
Have you done all this? Then you can take out VVE building insurance and you will be protected against all kinds of damages.
Building insurance? Calculate your premium!
VVE Total Insurance Package
Especially for a VVE, Alpina offers a VVE Total Insurance Package. In fact, there are several insurances for Owners' Associations (VVEs), some of which are mandatory and some of which are optional. When taking out VVE Total Package insurance, you can choose from several insurance policies for the Owners' Association, such as compulsory building insurance, or collective building insurance and liability insurance. It is also possible to take out glass insurance, directors' liability insurance, legal expenses insurance or accident insurance. Read more about the VVE Total package.
Take out home insurance with Alpina
Alpina offers the best property insurance tailored to your needs. Thanks to our years of experience, we can help you properly. That's why we offer the best, most economical and complete home insurance. Do you have any questions? Do not hesitate to contact us.
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