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Apartment Problems and How Insurance Solves Them

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With skyscrapers and tall buildings mushrooming everywhere in the city, apartment living is not just a preferred lifestyle but a necessity for families living in prominent metros. Not only for its convenience but also for its low and time-saving maintenance burden compared to standalone multi-storeyed homes.

However all is not hunky dory. Apartment residents also face some unique challenges that homeowners may not be aware of. From building-related issues and disruptive neighbours to association rules and extra expenses due to occasions and celebrations, apartment life may also turn out to be cumbersome.

While it is true that these apartment issues are not completely unavoidable, there is indeed a practical way to deal with the financial consequences at least. By purchasing a home insurance online tailored to meet your specific needs, you can create a safety net to mitigate the top risks associated with apartment living. Scroll down to find out more.

Risks Faced By Apartment Dwellers

It may not be life-threatening, but apartment dwelling can be less appealing once you start dealing with everyday issues, which can disrupt your everyday comfort, peace of mind and financial security. After all, it is not your private home where all decisions and requirements were addressed as per your time and needs. Here, there are shared spaces, several common services, and certain communal responsibilities, all of which carry a certain level of discomfort and financial risk. Some of the most common apartment problems are as follows:

Water supply problems

These kinds of problems arise from poor quality plumbing, low water pressure, irregular water supply or internal leakage due to poor maintenance. Water-related issues can create serious discomfort in your daily lives. Worse still, leakages and flooding of floors during heavy rains can also cause damage to your possessions and belongings. In such situations, home insurance can offer damage coverage and even temporary relocation expenses at times of renovations and repairs.

All amenities are not equally accessible:

Not all apartment complexes provide equal access to all amenities like gyms, swimming pools, banquet halls, and game rooms. These facilities are often crowded and inaccessible before and after working hours. Lack of proper scheduling, poor facility maintenance, and overcrowding can cause disputes and frustrations among apartment residents, especially when maintenance fees are equally shared by all.

Security Concerns:

Every resident looks for a foolproof security system. It is of primary importance to all apartment residents, but it is the most common and frequent on the list of apartment issues. While many depend on guards and “darwaans”, nowadays CCTV cameras also aid in safety. But lapses still happen. Break-ins, theft, and unauthorised entries are quite common in high-density housing. A good standard home insurance policy can take care of theft protection, covering stolen and vandalised belongings.

Troublesome Neighbours:

Not all residents around you will be homeowners. There will be a fair share of tenants in these apartments who are bound to create disturbance. Loud overnight parties by bachelors, overcrowded birthday parties, parking space problems for guests, pets left unattended, littering everywhere, can turn your comfortable living into a nightmare. Though insurance cannot provide any direct solution for these, but can come in handy when there are damages resulting from neighbour disputes.

Rent and Maintenance Costs:

If the maintenance costs are not collected on time or paid on time, it leads to difficulty in paying salaries of maintenance staff and finishing any repairing or upgrading work for the entire building. Unplanned building maintenance costs can be covered by apartment insurance, releasing you from unexpected financial burden.

Parking Troubles:

If you do not have a separate parking slot, especially in old, densely populated buildings, it can be a nuisance to park your car. Non-regulated parking can cause a lot of obstruction, leading to delays and disputes amongst residents. Limited parking areas can also cause damage to vehicles, which may be covered by some home insurance providers as add-on riders.

Waste Disposal and Management:

Maintaining a clean and hygienic common space for the entire building is a herculean task, considering children and pets are present in almost all the homes nowadays. Garbage disposal on time for municipality vans is crucial to maintain a clean neighbourhood. But not all residents will have the same sense of hygiene. Rules for such maintenance need to be laid down by the apartment committees of which the residents are members.

How Apartment Insurance can help in your sufferings?

Apartment insurance, being a subset of home insurance, adds value in several ways by mitigating any financial losses arising from these apartment issues. It gives you critical and long-term protection for your peace of mind. Tailored just to suit your needs, home insurance can help you deal with these challenges effectively:

Property damage is the most common threat that an apartment owner can face. This damage can be caused by water leaking, natural disasters, storms, fire, vandalism, etc. The situation can get so bad that the apartment might not be habitable. Your home insurance will provide coverage not only for any structural damage but also for the replacement costs to make your apartment a home again.
Liability claims can become an actual financial burden if not covered by insurance. As an owner, you may have to face damage claims if a tenant or a guest is injured within the premises. If accidents happen due to unsafe conditions or poor maintenance, home insurance can protect you from legal claims by providing medical coverage, legal and settlement fees.
Rental income loss due to fire, flood and other natural disasters like rain and earthquake can also happen unexpectedly. Business income or rental income coverage pays for the loss of rent when you rebuild your property. There are rent default insurance covers as well that safeguard from troublesome tenants who fail to pay rent and even cause intentional property damage. Evicting a long-term tenant can lead to legal hassles, which are also covered by some providers.
4. High-risk zones for floods and earthquakes, and forest fires require specialised home insurance and can bridge the gap between standard policies. The tailored products are meant to cut your losses, especially if you reside in an area prone to these disasters.

Conclusion

No doubt, the advantages of living in an apartment are quite appealing and lucrative, with all amenities and facilities close by. But it also has a flip side to it, which cannot be ignored. Lousy maintenance, security lapses, noisy neighbours and parking problems can easily turn into a torment for any owner.

Should these deter you from owning your own safe space in the humdrum of the city? Of course not. All you need is an ally who will be with you to counter these unexpected problems and make you feel safe. A smart and proactive way to do the same is to choose and invest in a home insurance online, specially curated for apartment residents. Even if you are a tenant, the right choice of policy can save you a lot of trouble in future by keeping you ready for any unexpected financial losses. So before the next break-in or fire hits your building, invest in home insurance and ensure that your safety net is intact.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales

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