What is ten-year insurance?

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New construction homes are the best option for those people who want to open a completely new apartment. But this type of housing is not risk-free, and that is why ten-year insurance exists. If you want to sell your apartment to buy a new construction home, this article will interest you.

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Ten-year insurance: What is it?
Decennial insurance is a policy that protects the owners of newly built homes Chinese Overseas America Number Data for a period of ten years. This insurance guarantees that the owners are compensated for any material damage that the building suffers due to the construction itself or that affects structural elements , as long as these damages may pose a risk to the stability of the home.

Therefore, this insurance guarantees the safety of the inhabitants against damage to the construction or problems with soil settlement, but it does not cover damage caused by the deterioration of the homes due to the passage of time and their use. Therefore, it is not multi-risk home insurance, since it only covers the “factory” problems of the building.

Is ten-year insurance mandatory?
Yes, the Building Planning Law (LOE) requires the contracting of ten-year insurance for buildings whose main purpose is housing. This insurance must be assumed by the developer of the building since in order for the new construction to be registered in the Property Registry, it is mandatory that it has contracted ten-year insurance . Therefore, the developer cannot obtain mortgage financing or market the homes if they do not have this insurance.

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For this reason, any development company or individual who wants to carry out construction work for third parties is obliged to take out ten-year warranty insurance to cover structural defects that may appear in the work for a period of ten years.

What does this insurance cover and what does it not cover?
The elements that this insurance covers for ten years are:

Structural damage that threatens the stability of the building.
Factory defects or defects.
Poor construction in the settlement of the land, in the floors, the beams, poor condition of the pillars...
The elements it does not cover are:




Damage caused by the owner inside his home.
Damage to personal property.
Damage due to renovations or works carried out later.
Damage due to misuse and inadequate maintenance.
Damage due to an explosion or fire, as long as it is not caused by construction defects.
How does this insurance work?
This insurance protects both the developer of the home and its owners , so it offers double protection, since the insurer responds to defects in the construction of new construction by directly compensating the buyers.

The ten-year insurance consists of three different periods to claim repair of damage to homes. These deadlines are:

A period of ten years to claim damages that affect structural elements , that is, foundations, beams, floors, supports, etc. These are usually rare but serious and expensive.

A period of three years for defects in construction elements , such as windows, non-load-bearing walls, floors, ceilings, etc. And facilities that do not meet the habitability requirements, such as bad odors, persistent humidity, problems with the boiler, etc.