The law on co-ownership n°1.329 of 8 August 2007 relating to co-ownership of built-up buildings was amended this summer by Law n°1.531 of 29 July 2022, in order to meet the requirements arising from the evolution of practice and the difficulties encountered.

One of the newly created provisions (article 7-2) requires each co-owner to insure himself against the risks of civil liability for which he is responsible, either as an occupying co-owner or as a non-occupying co-owner, with an insurance company approved in the Principality of Monaco.

In particular, it is now mandatory for owners whose property has been rented out, or when it is completely vacant, to take out a so-called "non-occupant owner" insurance policy (PNO) which will effectively complete the protection of their property at a lower cost.

This PNO insurance can be useful in the following cases, among others

• the comprehensive policy of the occupier and/or tenant or that of the building does not cover the loss;
• the tenant and/or occupant is not insured;
• the tenant and/or occupant is not involved;
• the dwelling is completely vacant (e.g. between two rentals).

Indeed, even unoccupied premises remain exposed to various risks, such as water damage, fire, etc. It is therefore necessary to protect them, both against any damage that may occur inside, and also against any dispute with one of the neighbours if the damage were to spill over into adjacent premises.

In addition, some accidents may not be covered by the condominium insurance, a neighbour's insurance, or even the owner's and/or tenant's insurance. Therefore, these accidents can be covered by the non-occupying owner insurance.

Valeri Agency accompanies you every day in order to preserve your estate and your interests, and relieves you of all the formalities inherent to the management of the real estate.

You can trust us!