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Why working with a broker is essential for the homeowners associations

Véronique Vandenbosch - Account Manager Co-ownerships & Property Management

When it comes to the risks specific to a condominium, different stakeholders have different interests. Therefore, choosing an independent broker specialised in insurance for condominiums is very important. Everyone’s insurance needs should be well-defined to avoid duplicate coverage or even worse, no coverage. The specificity of each building: the main use of housing, offices, shops and the quality of occupants (mainly co-owners or tenants) should also be taken into account. Continue reading to find out in more detail how your association of co-owners could benefit from working with a broker.

Often the general terms and conditions of an insurer state that the insured has to prove the cause was properly covered to be compensated. With our specific ‘Concordia Residence’ conditions, it is up to the insurer to prove that the claim was excluded.

Recently, we had a case in which the ceiling of a room in an apartment has been damaged by water. The occupant of the upper apartment said he did not notice anything. The day after, the water stopped infiltrating, which enabled the ceiling to dry up. There was every reason to believe that the problem was generated by a bathtub overflow on the floor above. However, without the declaration of the apartment’s occupant, it was impossible to prove it. The general terms and conditions of the insurer stated that the insured had to prove the cause was adequately covered to be refunded. But as we mentioned earlier, with our specific ‘Concordia Residence’ conditions, it is up to the insurer to verify that the claim has been excluded. In this case, the insurer could not prove the exclusion and had to compensate for the damaged ceiling.

Whether to find the best insurance solution for a building or to defend your interests in case of a disaster, the presence of a broker alongside the co-owners and the syndic is essential. With more than twenty years of experience in the sector, we have the insights and excellent understanding of your specific needs. At Concordia, we manage your contracts, defend the interests of co-ownership and ensure proper handling of your claims.

Over the years, we have negotiated our own terms and conditions with insurers which go beyond traditional fire insurance. When a disaster occurs, you can rely on our dedicated multilingual team of experts to be there, guiding you with expert advice. Reach out to us today.

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