The Jointly Owned Property Law regulations and directions dictate that the community manager must maintain a minimum level of insurance including property insurance, public liability, fidelity guarantee, and board members’ liability.
The community maintains a minimum level of insurance for the common areas and property that covers the following:
– Accidental damage or destruction to common area property
– Loss or damage due to natural disasters
– Third-party injury or loss while using the common areas or properties that have not been caused due to negligence or poor usage by the individuals.
It is highly recommended that you take out adequate insurance on the contents of your unit. The insurance maintained by the community manager only covers the common areas of the community. Therefore, contents such as your furniture, electrical appliances, curtains, and carpets, would not be covered.
Homeowners can suffer significant losses when their personal property is not insured if there is a fire, unexpected events, natural calamities, water damage, or even accidental damage. So please make sure you protect your home and belongings against the unexpected, with a simple, straightforward insurance policy. Insuring household contents can be done easily by opting for a home insurance plan – applying for one is simple.
Often all you need to do is complete a proposal form including your name, location of the property, and the sum you wish to insure your home for – usually insurance companies offer guidelines for this and you can add up the value of the contents of your home for comparison too. We encourage you to contact any local insurance company, broker, or bank that offers home contents insurance. Please refer to the community rules.