In certain communities, the types of claims that most often given are those of water. The coverage includes these assumptions is called Water Damage.
The purpose of this guarantee is to locate and repair a community pipe and repair or compensate the damage they caused in public areas of the property (portal, stairs, corridors …).
See its importance with an example:
When it comes a water leak, is easy to find the fault and repair it. Cosmetic damage coverage will ensure that if there are no longer equal tiles, the insurance (up to the contracted limit) will assume the costs of putting all facing the same tiles affected.
Insurance, is the sum insured that set the maximum to which the company will take care of cosmetic repair. In addition, some entities differentiate between common and proprietary cosmetic damage.
It is common that insurers put the condition that the guarantee be contracted water damage with a particular franchise. This case is usual in buildings with many years. In the event that a franchise of $300 is set and an accident occurs, the insurance will only cover the expenses from that amount. It is not required to compensate or repair the damage when the value is less than the franchise.
Example: if the damage caused by the incident are valued at $400 the company will only pay $ 100, and the insured will pay $300.
The franchise operates in two senses:
For the homeowners: it makes it interested in risk prevention, to make him share in some of the damage.
For the company: it prevents a large number of casualties and be some of them less than the franchise amount.
The amount of the premium for this coverage is a large percentage of the total premium of the policy, but is widely used and demanded by neighboring communities.