Insurance Consulting for Property Managers

Recoletos Consultores provides property managers and homeowners’ associations with a comprehensive insurance consulting service: from auditing the insurance program of the communities you manage to designing solutions that protect your firm and your clients.

Services for Property Managers

• Audit of your community portfolio: analysis of the insurance policies of the communities you manage, detection of underinsurance, overpricing and outdated coverage.
• Property manager’s professional liability: protection against claims from property owners due to errors in management, contracting or supervision of works and services.
• Community insurance program: collective negotiation with insurers for your entire portfolio, with conditions that are not accessible contract by contract.
• Cybersecurity for your firm: coverage against property owner data breaches, cyberattacks and GDPR penalties.
• Claims management for communities: support and coordination with the insurer in complex claims, including third-party damage, leaks and fires.

A Key Advantage: Recoletos’ Property Management Broker

Recoletos Consultores has a specialized line focused on the property management sector, coordinated by Jorge Ferrer, Head of Property Management Broker Services. This specialization allows us to offer unique market conditions and technical advice that goes far beyond simple insurance intermediation.

Frequently Asked Questions About Insurance for Property Managers

What insurance policies are mandatory for a homeowners’ association in Spain?

In most autonomous communities, fire insurance for the building is mandatory. Although liability insurance is not mandatory under general law, it is highly recommended and is already included by unanimous agreement in the annual expense program of many communities.

Can a property manager be held liable for choosing the community’s insurance policy?

Yes. The property manager has a duty to ensure adequate coverage. If the community suffers a loss and the policy has gaps that the property manager knew about or should have detected, they may incur professional liability. This is why regular audits of the insurance program are essential.

How does underinsurance affect compensation for a homeowners’ association?

When the insured value of the building is lower than its real value, the insurer applies the proportional rule: it only pays compensation in the same proportion that the insured value represents in relation to the real value. This can lead to a severe reduction in compensation in major claims. A periodic value audit is essential.

Is it possible to negotiate an insurance program for an entire portfolio of communities?

Yes, and it is the most efficient approach. By grouping a property manager’s entire portfolio, it is possible to access deductible, coverage and premium conditions that are not available for individual contracts. Recoletos Consultores specializes in this type of collective negotiation.

Get Started Now

In a free strategic orientation session, we analyze your portfolio of communities and your firm’s insurance program. We provide you with a clear and actionable assessment in 60 minutes.