Apartment building insurance

The apartment building insurance covers your damages in case of the following accidents

1. Fire

   We shall restore an apartment building destroyed in fire.

2. Hail and wind

   We shall reimburse the damages irrespective of the strength of hail or winds.

3. Thunder and power surges

   We shall reimburse damages caused by lightning, as well as damages from short-circuit and overvoltage caused power disruptions.

4. Pipe leakage and flooding

   We shall reimburse damages from flooding irrespective of the cause.

Terms and conditions

• General Conditions of Apartment Building Insurance
• Insurance product information document

How to insure?

The insurance contract can be entered into simply and quickly. Submit your application via Internet Bank or write to varakindlustus@swedbank.ee or call 888 1513.

If you find our offer acceptable, we shall proceed to issue an insurance policy and invoice you for the first instalment. The contract enters into force after the first instalment has been paid. The insurance cover enters into force on the effective date of the insurance period as set forth on the policy.

The insurance contract ensures a broad cover

The insurance covers the external walls, utility systems, roof, balconies, external windows, foundation, load-bearing walls, stairwells, basements, gardens, and so forth, of an apartment building in common ownership. Moreover, the insurance covers the structures above the ground and permanently attached to it whose total area is less than 102 or other items such as enclosures, wells, covered areas, fence, outdoor lights, flagpoles. The cover also extends to heat pumps, underground communication lines and parts of utility systems owned by you. The sum insured for structures is EUR 35,000.

Accidents, thefts and vandalism take place in apartment buildings

In 2020 Swedbank P&C Insurance AS alone registered a total of 114 loss events in apartement buildings. Damages were reimbursed over the amount of 128,000€

Apartments may be insured but this does not cover the apartment building as a whole

Even if everyone in your apartment building has procured home insurance cover, such contracts apply only to accidents that occur inside apartments. Where an accident occurs or vandals cause damages on areas that are jointly used, such as stairwells, basements and so forth, the damages must be covered by the apartment association.

The cover also extends to the assets of third parties

Should water penetrate through the roof of your apartment building and your apartment suffers from this, we shall reimburse the damages caused to the apartment. Likewise, damages caused by falling icicles, slippery pavements are compensated. This cover applies provided that the contract includes a professional indemnity cover.

Assessment of damage

After a loss event has occurred, we shall send an expert to assess the damage who will determine the cause and extent of damage. After the extent of damage has been determined, a calculation for repairs will be prepared with a time schedule estimate. After the insurance company has endorsed the calculation, the date on which repairs works start will be agreed with the representative of the apartment building.

Preparation for repairs

After receipt of a claim notification and application for compensation, and inspection of the apartment building we shall finalise a reimbursement decision. We shall also issue to the repair company our consent to the performance of works. Subsequently the company will agree on the time of the repairs.

Deductible

The amount of deductible is indicated on the policy. In case of compensation in money, it will be deducted from the total insurance indemnity. Where indemnity is paid directly to the company performing the repairs, you will get a separate invoice payable as agreed, either before or after the repairs.

The sum insured does not decrease after a loss event

We guarantee that the sum insured agreed upon entry into the insurance contract will apply to your home even after a loss event. You do not have to make additional payments to restore the initial sum insured.