All co-ownerships must have common property insurance according to law 675 of 2001. The objective is to protect the common heritage of those who share properties that are private, commercial or mixed.

(Read: Increase in the price of new housing, the highest in 8 years).

The insurance also offers protection against fires and earthquakes. Some insurances have included other types of damages that impact co-owners such as damage to elevators, hydraulic pumps, roof damage, broken pipes, effects from hail, floods, strong winds, and even protects against mismanagement of the money made by the administration.

«Many co-ownerships have not been constituted as legal persons, which does not allow the acquisition of this insurance, and some assemblies of co-owners authorize the acquisition of policies for an insured value lower than that established in the norm, presenting a serious problem of inadequate protection.«, explains Fasecolda.

Of the total co-properties insured in the country, according to figures from Fasecolda, Bogota represents 36%, followed by Medellín, with 14%, Cali, with 9%; and Barranquilla, with 2%. The rest of the country represents 38%.

(In addition: The draft decree for the changes in Mi Casa Ya is ready).

Finally, in Colombia there are 74,521 insured co-properties, for a value of $368 billion. “Those $368 billion in insurance correspond to the trust that Colombians have placed in the insured industry to protect their patrimony and that of their families. This decision will allow them to recover from any eventuality,» said Carlos Varela, technical vice president of Fasecolda.


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