Thirty terms, one clear sentence each: this is the searchable base dictionary of the Insights library. It does not replace the deeper articles – links lead there – but for a quick answer it is exactly enough: what does that word mean in the policy, in the quote, in the general meeting papers? The shorter, beginner's version: 15 basic terms in minutes.
In short:
- 30 condominium insurance terms from A to Z, one sentence each, with links to the deeper articles.
- The magnifier button in the header lets you search the whole site for any term.
- For the Hungarian equivalents: mini-dictionary EN–HU.
A–C
- Building liability insurance: the building's own liability when the condition or the operation of the common property causes damage to someone else. (article)
- Claim report: notifying the insurer of a loss – the primary route is the insurer's claims line and online claims portal. (article)
- Claims history: the list of the building's earlier claims – one of the basic factors behind every quote. (article)
- Common charges: the budget for the owners' shared expenses – typically the source of the insurance premium. (article)
- Common property: the parts of the building that stay everyone's – roof, structure, stairwell, risers; the basis of condominium insurance. (article)
- Cover: the range of risks the insurer stands behind under the policy terms.
D–L
- Deductible: the first slice of a loss, borne by the building – fixed, percentage-based or a combination of the two. (article)
- Deed of foundation: the building's founding document, which marks out the boundary between common and private property – the basis of the insurance cover map. (article)
- Exclusion: a situation named in the policy terms to which the cover does not extend.
- Grace period: the additional deadline set in the insurer's written payment demand for settling the unpaid premium – 30 days under the Hungarian Civil Code (Ptk.), though the policy conditions may allow longer; if it expires without payment, the policy terminates retroactively to the date on which the premium fell due.
- Indexation (value maintenance): the adjustment of the sum insured and the premium at the renewal date, following changes in construction costs. (article)
- Limit: the individual ceiling of a given cover within the overall sum insured.
- Loss mitigation: stopping the damage from spreading – a contractual duty, and its reasonable costs are typically reimbursed.
M–P
- Machinery breakdown cover: an add-on for internal, technical failures of the building's machinery. (article)
- MNB: the Hungarian National Bank – the supervisory authority of the insurance market and of intermediaries; its register of intermediaries is publicly searchable.
- Natural perils: the list of natural and basic risks inside the cover: fire, explosion, lightning, storm, hail, snow load and their peers. (article)
- Notice period: the time by which a cancellation has to reach the insurer before the renewal date – 30 days under the Hungarian Civil Code (Ptk.), but the policy may deviate from this.
- Policy anniversary (renewal date): the yearly anniversary of the start of the insurer's cover – the gateway to cancellation and to review. (article)
- Policy terms: the detailed rulebook of the contract – covers, exclusions, deductibles, claims rules. (article)
- Policyholder: the party in whose name the policy is written and who pays the premium – in condominium insurance, the building community itself. (article)
- Private (individually owned) property: the flats and premises belonging to individual owners – the territory of home insurance. (article)
- Property insurance: the branch of insurance that covers damage to assets – here, to the building; its counterpart is liability insurance.
- Proportional (pro-rata) settlement: where there is underinsurance, the insurer pays the loss in the proportion the sum insured bears to the true value.
R–Z
- Rebuild value: the amount for which the building could be rebuilt just as it is – the correct basis for the sum insured. (article)
- Riser: the vertical main pipe serving several flats – the number one lead actor in condominium water damage. (article)
- Risk period (the insurer's cover): the period in which the insurer provides the cover – its start and its conditions are in the policy.
- Sum insured: the upper limit of the cover; for a building it should be sized to the rebuild value. (article)
- SZMSZ: the organisational and operational rules – the building's operating manual and the frame around its insurance decisions. (article)
- Underinsurance: the state in which the sum insured is lower than the building's true rebuild value – at claim time it can bring proportional settlement with it. (article)
- Water damage from pipes: damage caused by water escaping from the building's pipework – the most frequent condominium claim. (article)
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This article is for information purposes only and does not constitute an offer or insurance advice. The exact terms are always governed by the insurers' current policy conditions.
