Acquiring a new home is, without a doubt, one of the most important investments that we will make throughout our lives. It is not a decision that we should take lightly, since we will probably spend several years injecting money into the mortgage until we finish paying for the house and it becomes our property.
Once we have found that dream home that suits our tastes, needs and lifestyle, another type of search begins in order to guarantee a peaceful and safe life. We refer to the moment of finding a mortgage that allows us, in addition to paying for our house, to be able to continue with our rhythm of life, even if it has to be adjusted a little from time to time. In addition, once we go to live in the new home, we will need home insurance that protects us against home accidents or other types of events that may endanger our safety or that of the neighbors.
If the house corresponds to a block of buildings, although it is not mandatory, it is highly recommended to have a home policy, minimum Civil Responsibility , since it will be in charge of dealing with possible setbacks that your home or its inhabitants have caused to a neighbor For example, a flood in the house below due to a break in your bathroom. How much would that fix cost without home insurance? Surely much more than with insurance… You know what they say, that things don’t happen, until they happen, and home insurance is there just to deal with that moment.
However, there are other risks that can affect the home in areas such as the facade , the structure of the building or even the final habitability of the home that are not covered by home insurance policies. To cover these risks, promoters sign what is known as decennial insurance . Have you ever heard of him?
What is decennial insurance?
Ten-year insurance is a type of policy that developers and builders of a home are required to take out, so that the risks of suffering damage or accidents arising from a defect in the construction, such as structure or foundation, are covered during the following ten years from the time of construction. From this time frame derives the name of the insurance, ten years.
Is decennial insurance mandatory?
Yes, this is stated in Law 38/1999, of November 5, on Building Regulations, which states that it will be guaranteed that for ten years the material damages that appear in the building will be compensated due to defects or vices with origin in (or that affect) the beams, supports, foundations, walls, floors, load-bearing walls or any element of the structure, thus compromising the stability and mechanical resistance of the building.
Is ten-year insurance mandatory for self-promoters?
In cases in which a natural person decides to act as a promoter to build their own home, having ten-year insurance is not mandatory, since it is understood that any event falls on their own responsibility without affecting other people.
What does a decennial insurance cover?
During the first ten years after the delivery of the home, if there were damages that affect the mechanical resistance and/or the stability of the building, it would be this ten-year insurance that would come into play to resolve these damages.
The main damages that this insurance covers are those that have to do with load-bearing walls , beams , foundations , supports , slabs … After all, it is structural damage. In fact, the most basic coverage is that of structural damage , for which the buyers of each affected home will receive compensation for the damage that may put the stability of the building at risk.
From there, the promoters can extend the ten-year insurance with other coverage, such as the waterproofing of roofs and facades or the sealing of basements.
Does ten-year insurance cover humidity?
If the humidity comes from damage to the structure of the building during the first ten years of its existence, the ten-year insurance may take care of the repair or compensation process.
To do this, a specialized expert will have to review all the homes in a community one by one and carry out the relevant study. On the contrary, if it is proven that the humidity comes from a private pipe of a specific house, it will be the home insurance of the house that has the humidity who is in charge of covering these damages.
It is important to point out at this point the great importance of taking into account where the coverage of ten-year insurance ends and where that of home insurance begins .
And it is that in no case a ten-year insurance is responsible for protecting the owner from any damage to the home, its inhabitants or third parties, far from it. To do this, the owner must take out home insurance that protects everything else, that is, content, continent and Civil Liability, after making a comparison of home insurance among all those on the market.
In our policy we will have a coverage for the continent , which will be in charge of the damages that are caused in our walls or parts of the structure of the house and a coverage for the content , which will be in charge of the damages that we may suffer in our personal property. inside the house.
We will also have a coverage that takes care of the damages that may be caused to third parties during the reform or after it, damages that the ten-year insurance does not contemplate either.
How much does decennial insurance cost?
It all depends on the type of work, but it usually has a high cost and that, in no case, would be affordable by home buyers individually. However, like any company, the cost of this insurance will be included in the final price of each home as another cost, as well as the price of the land or materials.
Who has to pay the decennial insurance?
In no case are the owners of the homes they are trying to protect responsible for, but it is the responsibility of the developer, owner of the building or constructor.