GasanMamo Insurance Ltd has launched the first multi dwelling insurance on the Maltese market.

This package has been specifically designed to meet the needs of individual flat owners as well as the tenants living in the same block by offering a single and comprehensive policy at an affordable price.

Multi dwelling insurance provides cover for blocks of apartments and developments consisting of several different types of buildings.

“When insuring a block of apartments, it is very often more cost effective to insure the structure as a whole rather than individually,” said Julian Mamo, director at GasanMamo.

“Undoubtedly, where the property is insured separately, problems can arise in trying to identify whether a particular loss is covered by one policy or another.

“In addition there is no guarantee that the third party neighbouring property is adequately insured or indeed insured at all. For all these reasons we are confident this new product will be a popular one.

“This new multi dwelling insurance guarantees peace of mind, with the knowledge that your property and lifelong investment is secure and in safe hands.”

The policy covers buildings and the contents of the common areas against accidental loss or damage including loss or damage caused by fire, explosion and smoke, theft or attempted theft, water leakage, civil commotion and malicious damage, impact by any vehicle or animal, storms and floods, earthquake, falling trees, aircraft and other aerial devices or articles dropped from them, breakage or collapse of television and radio aerials The policy also provides cover against breakdown of machinery in the common areas, liability as the owner or occupier of the buildings and liability towards employees.

Automatic extensions under buildings and/or contents of the common areas includes accidental breakage of glass, sanitary fixtures, underground service pipes and cables; alternative accommodation and/or loss of rent and/or less of maintenance fees, cover when selling, cover for professional fees and other costs, cover for the reasonable and loss of metered water and heating oil, locks and keys, contents in the common areas in the open, mirrors and glass in the common areas, and fire extinguishing costs.

For more information about the multi dwelling insurance one may contact GasanMamo on 2134 5123 or visit any one of GasanMamo’s branches or tied insurance intermediaries.