Property insurance to protect against various disasters will likely become mandatory in the near future, following the case of the collapse of the apartment building in Petralona this week.
This is being examined among a host of other actions by the Justice Ministry, which will be legislated in the coming months in the property code under development.
Sources report that this insurance will concern the common areas and facilities of the properties, providing benefits such as building coverage (fire, earthquake, flood) for the square footage of the common property. Those common areas are considered the entrance, the stairwell, the terrace, the boiler room and the elevator.
However, especially in cases such as the one in Petralona, it is possible to add coverage for cases of subsidence, landslide or ground collapse. For now, though, the issue of mandatory insurance is a proposal that is on the table but no decision has yet been taken.
At the same time, the bill aspires to address chronic dysfunctions of co-ownership, limiting arbitrariness and accelerating the resolution of disputes between owners. It also provides for a reduction to the required majorities in general assemblies of apartment building owners to 51% for decisions regarding maintenance, repairs, energy upgrades and the distribution of common expenses.
