Owners' association

For Mallorca, Canary Islands and mainland Spain

The perfect protection for your property abroad
Insurance for Homeowner Associations
Affordable premium
Protection against burglary, storms, water damage, fire & vandalism
German-speaking service

Insure your condominium

Security for your property. A homeowner association consists of all the owners of a residential building or complex, and all are jointly responsible for maintaining the common areas. But what happens when damage occurs? This is where insurance comes into play. A condominium insurance is essentially an additional protection for your family and your home.

Because we don’t represent just ONE insurance company, you enjoy a wide range of insurers with IBERIA INSURANCE BROKERS. We find the right solution for your needs.

Why choose Iberia Insurance Brokers?

Tailor-made rates and a wide selection

We work closely with various insurers to achieve the best special rates FOR YOU.

We are independent

We offer free and non-binding advice. We work with different insurers and ensure that you receive the best insurance coverage.

Always there for you

Excellent German-speaking customer support, 24 hours, even on holidays.

What our building insurance for homeowner associations provides

Building damage
Fire, lightning, surge, smoke
Impact or crash of an aircraft
Natural disasters like storm and hail
Damage from natural forces, earthquakes, floods, etc.
Glass breakage
Water damage including private water pipes (if agreed)
Liability of the homeowner association
Liability of board members and the president

More than just standard

At Iberia Insurance Brokers, customers receive the Iberia Service+. This gives you more service which you don’t have to pay extra for or need an extra contract for. Included are:

Selection of insurance from over 10 different insurance companies
24-hour hotline - free of charge - throughout Spain
Personal consultation at the customer's site
Cost-benefit analysis of old insurance with optimization suggestions
Advice in your language

The advantages of private condominium insurance

Many people in Spain also opt for private health insurance to have more flexibility and comfort. Here are some advantages:

Protection of communal areas

A homeowner association insurance covers damage to commonly used areas such as stairwells, elevators, gardens, or pools. This ensures the preservation of value and safety in these areas.

Shared cost distribution

All owners pay monthly community fees used for repairs, maintenance, and insurance. This evenly distributes the financial burden and minimizes surprise expenses.

Efficient management and collaboration

Through regular owner meetings and employing a property manager, important decisions are coordinated and day-to-day business is managed. This facilitates organization and ensures harmonious living.

Important Questions & Answers

Frequently asked questions about building insurance for homeowner associations:

HOW should a condominium association be insured?

An owners’ association should be well insured to avoid unexpected financial burdens. The collective responsibility for the maintenance of buildings or residential complexes can be challenging, but the right insurance offers a high level of security. Here are some important points to consider:

Building insurance – the foundation of protection
This insurance covers community areas – from the roof to the elevator, and even the garden or pool. Without it, all owners would have to dig deep into their own pockets for fire, water, or storm damage, and in places like the Balearics, where the weather can be unpredictable, it is invaluable.
Unlike in Spain, where it is common to insure community areas separate from private spaces, we cover the entire building structure with a single policy. It is more cost-effective and prevents coverage gaps.

Liability insurance – protection against accidents
This type of insurance ensures that the community is not liable for accidents that occur in communal areas, be it a fall on a staircase or damage caused by falling debris.

Special risks
Every place is different, and sometimes tailored solutions are needed. In Mallorca, for example, some insure against natural disasters like floods or earthquakes, as these risks are higher in this region.

WHAT does the homeowner association insure?

In Spain, owner associations often only insure the community-used areas. Special property or private property is then not insured.

Special property refers to one’s own living spaces. The exterior walls, roof, heating and utility lines, as well as the land, including the green areas, are considered as community property.

Iberia Insurance Brokers always insure the entire residential complex, including the private premises. This way, there are never any coverage gaps for any owner.

If an owner additionally insures their apartment against building damages, they also receive homeowner and property owner’s liability insurance coverage. For example, neighbors below them are also protected against water damage from the apartment above.

WHAT protection does liability insurance offer?

Liability insurance is an important part of the condominium insurance. It protects the owners’ association from financial losses if someone is injured or property is damaged in community areas. It covers accidents like slipping on wet stairs, damage due to structural defects (e.g., falling roof tiles), or injuries caused by defective equipment in community rooms. This insurance ensures that the community does not incur high costs for medical care or repairs and gives the owners security in dealing with unforeseen incidents involving third parties.

IS condominium insurance for homeowner associations mandatory?

While the insurance of condominiums is not legally required in all regions, it is strongly recommended. Without such insurance, owners could face significant personal costs if community areas are damaged or accidents occur on the property.

HOW is the insurance sum calculated?

The sum insured is based on the restoration value of the community property and the value of individual items if additional coverage has been chosen. It is important to regularly review and update the insurance policy to account for any changes or improvements to the property.

SHOULD the president of the association take out separate insurance?

Yes, it is advisable that the voluntary chairman of the owners’ association is additionally insured, for example, with a Directors and Officers Liability Insurance. This protects the chairman from personal liability for decisions or mistakes made in managing the community’s affairs.

What is the difference between a residential building insurance and a single house insurance?

The condominium insurance covers the communal areas and liability, while the homeowners insurance covers the interior of a specific apartment or house, including personal belongings. Taking out both insurances ensures comprehensive protection for both private and communal property.

Free service:

We review and optimize your existing insurance.

We take a close look at your current insurance policies and offer you tailor-made comparison offers from leading insurers like Allianz, Generali, Zurich, DKV and many more.

Whether you have had insurance for a long time or just want to ensure you have the best coverage at the best price – we are here for you. Together, we check your existing policies and compare them with the latest offers we have created for you.

Personal consultation

Do you wish for a personal consultation? Let us provide you with non-binding advice. Provide us with your email address or phone number, and we will get in touch with you promptly.