VVE Total Insurance Package

Take out the VVE Total package insurance

There are various insurances for Home Owners' Associations (VVEs). Some of these are compulsory and others are optional. When taking out a VVE Total Package insurance policy, you can choose from several insurances for your Owners' Association, namely:

• Buildings insurance, i.e. collective buildings insurance(Statutory obligation)
• Glass insurance
• Liability insurance ( mandatory)
• Directors' Liability Insurance
• Legal expenses insurance
• Accident insurance

Glass insurance

Many VVEs also choose to take out glass insurance. A glass insurance not only insures the glass that belongs to the communal areas. The glass belonging to the flats is also insured as standard.

Liability insurance

The second mandatory VVE insurance is liability insurance. A VVE is an independent legal entity and can be held liable. With a liability insurance, you insure the liability of the members of your VVE for damage to property and/or damage to persons. The damage resulting from this (consequential loss) is also insured. The damage must have been caused as a result of an act or omission in the performance of activities on behalf of the VVE.

Directors' Liability Insurance

The administrators of the VVE can be held personally liable for damages resulting from their actions. A lot of money is involved in VVEs, so the amounts can mount up considerably in the event of damage. That is why it may be wise to take out directors' liability insurance.

Legal expenses insurance

With a VVE legal expenses insurance your VVE will receive legal assistance in case of conflicts that are related to the activities of the VVE. The VVE must be insured at the time the conflict arises and must have an interest in the conflict. That interest has to be expressed in money with a minimum of €450. This provision does not apply to recovery of damage that has occurred in traffic and to criminal cases.

Accident insurance

This insures the members, employees and/or volunteers of the VVE for permanent disability and death as a result of an accident. The insurance pays out a one-off sum based on the insured amount.

Building insurance (buildings insurance) and liability insurance are necessary. The VVE is obliged to take out these.
For those insurances that are not mandatory, it is important for the VVE board to weigh whether the premium to be paid outweighs the risk.

Is a VVE insurance mandatory?

A number of insurances are compulsory. The building insurance (collective building insurance) and the VVE liability insurance are compulsory. The other insurances are optional.

What is not insured with a VVE Total package insurance?

No payment is made in the event of an earthquake, flood, wear and tear or construction faults. Damage caused by deliberate or illegal activities is also not insured with a VVE Total package insurance. Damage caused by groundwater is not insured, unless this water has entered the building through drainage pipes and connected pipes and appliances.

Most popular HMO insurances

The building insurance is a collective building insurance. This is the only insurance that is legally required for a VvE. With this insurance you insure the apartment complex of the VvE against damage caused by fire, lightning, storm, snow pressure and water. If necessary, you will also be reimbursed for the costs of hacking and breaking in the event of water damage. The costs your association incurs to prevent further damage are also insured.

VvEs often take out glass insurance . Our glass insurance not only insures the glass that belongs to the common areas. All glass belonging to the flats is also insured as standard. This includes insulation glass, plastic domes and skylights.

The Owners' Association is an independent legal entity and can therefore be held liable. Therefore, a Liability Insurance is often considered a necessity for a VvE. Liability insurance covers the liability risk of the association towards the individual flat dwellers (with the exception of damage to their own property). But also of the members among themselves and of the members towards the association.

The insured amount per event is € 1,250,000.