If you both own and live in your apartment your insurance needs are fundamentally the same as any other homeowner, meaning you need home insurance, covering both:
Building(s)
And
Contents
Unfortunately, Allianz Ireland doesn’t provide cover for the buildings of apartments.
If you have buildings insurance cover through your management company, it should automatically cover your legal liability as owner of the buildings for injury to others or damage to the property of others (e.g. a visitor trips within your home on an uneven step and is injured).
Owner-occupied apartment contents insurance primarily covers personal belongings and possessions that are within the apartment, including furniture, electronics, appliances, clothing, and other valuables. It ensures the owner can recover financially if their belongings are stolen or damaged due to insured events.
Contents insurance should automatically cover your legal liability of the contents. Additionally, it should cover your personal legal liability away from the home (e.g. if you cause an accident whilst cycling). It should also cover your legal liability for injury to domestic employees (e.g. if you have a cleaner come in once a week).
If buildings insurance is arranged on the apartment building by a management company, you need to know what it does and does not cover. Ask your management company for a copy of the insurance policy.
Thinking about renting a room out? You need to inform your insurer of this. If this is acceptable to your insurer then they may amend your premium, cover, and/or terms of your insurance.
If you rent your apartment you may need Renter's Insurance.
Renters insurance, or contents cover, protects possessions (used for domestic purposes) owned by you and other household members whilst the possessions are in your home. If you have any personal possessions that you wish to cover away from the home (e.g. jewellery, a bicycle, laptop or mobile phone, etc.) then you need to request that cover is extended for this.
Renters insurance also covers your legal liability for the following:
If your apartment came fully or partially furnished, your landlord may have already arranged contents cover for the items already in the apartment. However, you will still need your own contents cover for items you bring into the home such as your electronics and personal belongings. You would be surprised at the value if you add up the cost of your clothes, electronics, jewellery, etc.
If you are sharing an apartment with others you need to inform the insurer of this. It is normal for insurers to allow you to protect possessions owned by you and members of your immediate family.
As the owner of an apartment unit which you let to tenants, you need landlord insurance.
When you purchase Landlord insurance it should cover the following:
Check with the building’s management company to see if their insurance policy covers the buildings. Familiarise yourself with what is and is not covered by the management company’s policy and ask for a copy of the insurance policy.
Whether you live in or own an apartment, you have particular risk exposures when it comes to insurance. Regardless of whether you are a landlord, renter, or an owner occupier you should take care when selecting the cover for your home insurance.
Many choices we make in life can require a degree of courage, big or small. Whether it’s the moment you decide to settle down or choose to buy to let. This is how great things happen, and, at Allianz, we are proud to support people who have the courage to go forward in life.
