Will the property buy collective insurance for the owners?

Hello, the law does not require property management to buy insurance for residential properties. The owner of the residential property is the owner of the property, and the property management is the manager entrusted by the owner. The property management has no obligation to buy insurance.

Property insurance refers to a commercial insurance behavior in which the property management enterprise pays the insurance premium to the insurer and the two parties establish an insurance contract. After the occurrence of causes, accidents and disasters within the scope stipulated in the contract, the insurer shall be liable for compensation or payment of insurance benefits within the scope stipulated in the contract.

Because property insurance belongs to the insurance category, it also has the same characteristics as insurance goods. Insurance is a commodity with the nature of risk protection. Both the supply and demand sides of this commodity should follow the principles of voluntary consideration, fairness and mutual benefit to complete the transaction. However, insurance products also have different characteristics from general commodities.