The Sure. 10 years is a Policy essential in the area of construction that protects house buyers from possible structural defects. In Spain, 10-year insurance is compulsory and in this article we will answer questions about what exactly is it? Who should hire him? What are your coverage and benefits?
We'll explain. everything you need to know about the 10-year insuranceespecially if you are in the process of building or acquiring a new home.
What is Ten-Year Insurance?
The 10-year building damage insurance is a policy that covers structural damage to a building for 10 years after its construction. Its main objective is to protect owners from serious problems that compromise the stability and security of the property.
It's safe. is required by law in Spain when it comes to new housingand its obligation is regulated by the Law on the Management of Building (LOE), in force since 2000. Ten-year insurance is therefore compulsory.
What protects 10-year insurance?
- Structural failures affecting the mechanical resistance of the building.
- Damage to the foundations, beams or pillars that may cause the building to collapse.
- Serious problems in foundation or forging that compromise safety.
For example, a newly built building has fissures in its structure due to a failure in the foundations. With the 10-year insurance, the owners can claim the repair without taking over the costs.
Ten-year insurance is compulsory
As we have seen, 10-year insurance is compulsory by law. According to the Law on the Management of Building (LOE)any promoter who builds a new home for sale or transmission is required to hire a 10-year insurance.
However, there are certain cases in which it is not mandatory:
- If the house is self-promotion for own use.
- If the owner will not sell or transmit the house in the first 10 years.
Important: If you decide to sell a self-promoted home before 10 years, you will have to hire a 10-year insurance before the sale, which may be more expensive than at the start of the work.
When do you have to hire a 10-year insurance?
Ten-year insurance is compulsory and must be contracted before the start of construction. In fact, many insurers demand that a Technical Control Agency (OCT) carry out inspections during the work to ensure that safety standards are followed.
Who's responsible for hiring him?
- The promoter in the case of houses for sale.
- The builder if the work is part of a major project where housing for third parties.
- The self-promoterif you plan to sell the house before the age of 10.
If you're a promoter, don't leave this procedure for the end. Without the 10-year insurance, you will not be able to register the house in the Property Registerwhich prevents their sale.
Who is the beneficiary of the 10-year insurance?
The main beneficiary 10-year insurance the owner of the house or building.
You can do one. claim:
- The first buyer of the housing.
- Any later owner within 10 years of coverage.
- In owner communities, the president or administrator may claim whether the problem affects common areas.
10-year insurance coverage
This insurance covers mainly structural damage, although some policies include additional coverage.
1 Compulsory basic coverage
- Serious effects that compromise structural resistance.
- Failed foundations, forged, beams and pillars.
- Damage affecting the stability of the building.
2. Optional coverage
- Waterproofing of decks and facades: It covers leaks and watertight problems in the house.
- Damage to non-structural elements: Like cracks in partitions or floors.
- Deffects in basic facilities: Like plumbing or electricity failures.
- Automatic resalorisation: Adjust the amount of the cover to the value of the construction over time.
For example, if in the first few years there are leaks on the roof due to a waterproofing failure, they will only be covered if the policy includes that optional coverage.
Should I hire a 10-year insurance?
If you're building a house to sell, the answer is Yes, it's mandatory..
- It is a legal requirement to register housing in the Property Register.
- It protects owners from structural defects for 10 years.
- Avoid legal problems in the future if you decide to sell a self-promotion.
If you're in the construction process, 10-year insurance on time It will avoid complications and ensure the tranquility of future owners. Don't leave him for the last moment!
If you need it, contact us.
In inXur we will explain everything about you Policy And you premium, so you have all the information and you can always make the best decision that suits your needs and those in your pocket.
Remember, if you prefer, you can also contact us on the phone by calling us on 911982330, sending us a Whatsapp to 660839546 or sending an email to clientes@inxur.com.
Our working hours are from Monday to Friday from 9.30 a.m. to 6.30 p.m. If you contact us outside this schedule, we will manage your application as soon as possible on the next working day.
