Insurance for housing companies

Protects your housing company against property damage and liability.

Insurance package for housing companies

We offer comprehensive insurance cover for your housing company’s property, liability and legal risks. The package also includes rental income interruption insurance.

Comprehensive cover

Insurance for housing companies also covers HVAC and plumbing systems, open shelters and outdoor storage buildings, and solar panels and electric vehicle charging stations that serve the building.

Pohjola Claim Help 24/7 and an extensive partner network

Pohjola Claim Help offers useful instructions in the event of loss or damage and the contact information of our partners such as drying service providers.

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All housing companies need real estate insurance

The Pohjola real estate full value insurance policies are designed to meet the needs of housing companies. By choosing full value insurance based on the building’s cubic volume for your housing company, the building is always insured for its full replacement value.

If your housing company suffers a fire or a broken pipe causes water damage, the damages to the building are covered by the housing company’s real estate insurance. The insurance also covers outdoor storage buildings and open shelters, for example.

Insurance for housing companies is not mandatory, but it is advisable to prepare against losses. Insurance premiums are relatively small compared to the cost of repairing damage caused by a fire out of pocket, for example. By taking out insurance for your housing company with us, you get all policies necessary for your housing company in one handy package.

The most common risks for buildings include fire, leakage, burglary and liability risks. A comprehensive housing company insurance cover indemnifies sudden repair expenses quickly.

What other insurance do housing companies need?

General liability insurance

General liability insurance covers bodily injury or material damage caused to outside parties for which your housing company is liable for damages. A typical example is when a passer-by slips within the housing company’s property and suffers a leg injury. If you have neglected your duty to grit the icy yard, your housing company may be liable for the ensuing bodily injuries.

Directors’ liability insurance

Directors’ liability insurance protects the housing company’s board against risk. It covers financial losses incurred by the company, shareholders or other parties for which a lay property manager or board member are held liable under the Limited Liability Housing Companies Act. Liability insurance for the housing company’s board of directors also covers legal expenses in cases where the damage is due to negligence on the part of board members.

Legal expenses insurance

Legal expenses insurance assists in paying attorney and legal expenses in various civil and criminal cases related to the ownership, maintenance, management or use of the property.

Rental income interruption insurance

Rental income interruption insurance protects you against the loss of rental income if property damage occurs on your premises. You receive rental income from rented properties or parts of them if they become unfit for use as a result of damage.

Insurance for voluntary workers as an additional cover in real estate insurance

Housing companies should also consider taking out insurance for voluntary workers. The insurance covers injuries suffered by volunteer workers when cleaning outdoor areas, for example. Contact us for more information.

What does real estate insurance cover?

The more limited option covers only specific losses such as fire, leakage, storm, vandalism and break-ins.
The more extensive option also covers sudden and unforeseeable losses such as damage caused by heavy rain.

	Real estate insurance	Extended Real Estate Insurance
The building is damaged by fire	Yes	Yes
A burst pipe causes water damage	Yes	Yes
The building is broken into	Yes	Yes
The building is vandalised	Yes	Yes
A machine or equipment serving the building is damaged	Yes	Yes
A tree felled by a storm breaks the roof, causing water damage.	Yes	Yes
Excess voltage caused by lightning damages the building’s automation systems	Yes	Yes
Exceptional freshwater flooding or heavy rain causes water damage inside the building	No	Yes
A heavy hailstorm causes damage to the roof	No	Yes
The building’s roof is leaking	No	Yes
A passer-by slips on the housing company’s property and the person’s leg is injured	Yes	Yes
Financial loss for which the lay property manager or board member are liable	Yes	Yes
Legal expenses and litigation costs	Yes	Yes

Will the property’s insurance cover water damage?

The more limited options for real estate insurance cover water damage caused by the breakdown of a machine serving the building, for example, but not water damage caused by flooding or heavy rain. This type of water damage in a housing company is covered under a comprehensive housing company insurance.

Comprehensive real estate insurance policies for water damage also cover other events resulting from a sudden and unforeseeable reason, such as when an exceptional saltwater or freshwater flood causes damage to the building.

For the exact definitions to coverage, see the insurance terms and conditions at the bottom of this page. Ask our experts for more information!

Insurance protects the housing company and its residents

Insurance protects the housing company against losses, but the residents may also be held liable for damages they cause to the property. If a resident causes damage to the property’s structures due to negligence, the housing company may claim damages from the resident. While the housing company’s real estate insurance partially overlaps with shareholders’ personal home insurance, it is advisable that you insure the property. Home insurance protects residents’ movable property and fixed interior decoration, but the building’s structures are insured by the property’s real estate insurance.

In addition to comprehensive insurance cover, your housing company should try to identify risks and take preventive measures. By adopting a safety plan for the housing company and practicing responsible property maintenance and goal-oriented risk management, housing companies can achieve substantial cost savings and a better quality of living. Check out the safety regulations by Pohjola Insurance from the links at the bottom of this page!

How is the price of insurance for housing companies determined?

The price of housing company insurance depends on the cubic volume, fire class, location and age of the building as well as the building category and the amount of deductible selected. When determining the price of insurance, we also take into account any basic renovations made to the building as well as the housing company’s safety and security solutions.

You can choose either full value insurance for the housing company or take out insurance for an agreed sum. Extended Real Estate Insurance, which offers better cover against damages caused by natural phenomena, is more expensive, but the significantly better insurance cover it affords is often the most sensible option, as the cost of damages can often rise very high.

When determining the price of insurance for your housing company, we also take into account any basic renovations made to the building as well as the property’s safety and security solutions.

Ask for a quote to receive more information and our offer for real estate insurance for your housing company! Let our expert help you find the best insurance solution for your housing company’s needs.