Garage Insurance – bonds and guarantees

The Garage insurance differs depending on whether a public car park, of a lockable box or a dependent building of a house. In all cases, landlords and tenants are responsible for damages that the property may cause to others. To make, simply expand its multi-risk contract for accommodation in his garage.
Garage Insurance - bonds and guarantees

Is it compulsory?

The assurance of a garage is an extension of home insurance. However, it is mandatory that the tenant side; the latter is obliged to have insurance that will compensate the owner for damages. However, we must distinguish three cases.

Parking condominium

First, when it comes to a parking space in a public car park, it is the insurance of the condominium that comes in. Renters and owners must check with the union to ensure that the parking area is secured.

Box closed

Second, when it is a closed and private box in a group of houses, insurance of the condominium does not play; the presence of a comprehensive home insurance is advised. The user places must remember that he is financially responsible for damages that his box would cause others. For example, if stored flammable liquid that triggers a fire or explosion, its liability is incurred.

House

Third, when a house has a garage, it is considered a residential addiction. The property and casualty insurance must include this addiction, be it a lockable garage or a single parking space.

How to subscribe

If the owner or the tenant must ensure his garage, he just has a home insurance. If it already has, simply him contact his insurer to request an extension for his garage. The insurer will add an addendum, and generally conduct a dues increase, if it considers that the risk is increased. If the owner or tenant does not have home insurance yet, he just has to sign a contract including the garage or closed box.

In any case, he must declare his insurer the surface of the garage, and describe the objects that will be stored there. At this point, the insured must as well examine the contract terms offered to him, as some might exclude the storage of flammable or explosive environments.

covered guarantees and risks

A garage or a parking space must be provided at least civil liability. This guarantee allows managers of a claim to compensate the neighboring and third, when the damage was caused by an incident that arose out of the garage or parking space.

The guarantee fire and explosion will be useful, but we must distinguish two cases: the first is when only one vehicle will be stored in the garage; if the insurance of the vehicle already includes fire and explosion, it may not be necessary to take out this guarantee for the garage also.

The second case is where we will store objects in addition to the vehicle. In this case, such a guarantee will be required in case one of the objects in storage causes a fire that spreads to the vehicle parked.

Photo credits: 123RF - Manuel Ortega Faba
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