During the construction of a structure, the insurance obligation is not imposed only on the builders. The regulations require that the building owner also has a cover. In this regard, he is required to take out property damage insurance to compensate him for claims that may occur on his newly built or renovated house.
The construction or renovation of works is strictly regulated. One of the requirements imposed is the subscription to insurance. This approach is mandatory for manufacturers who must therefore be covered by a ten-year guarantee. But it is also important for project owners or sponsors who must have property damage insurance. This is interdependent on the aforementioned ten-year guarantee which is part of the construction insurance introduced by the Spinetta law of January 1978.
Its purpose is to reimburse the client for defects or damage of a ten-year nature occurring on the house without waiting for the intervention of a legal decision. Clearly, if the building has suffered damage that compromises its solidity, makes it uninhabitable or unfit for use, the sponsor does not have to wait for the court to rule on the responsibilities of the stakeholders before receiving compensation. This speed on reimbursements is important, because it allows the necessary precautionary measures to be put in place in time to avoid aggravating the damage (for example, the installation of a tarpaulin on a roof that infiltrates).
To go further in the subject and understand everything about property damage insurance, do not hesitate to visit the specialized sites.
Each year, nearly 250,000 construction-related claims are recorded. On average, the damage is estimated between 22,000 and 150,000 euros. Given the financial consequences of damage occurring on a construction, the interest of insuring becomes more than obvious. This is a guarantee of security for the owners who do not risk having to pay the amount of the repairs themselves in the event of damage.
One of the main advantages of property damage insurance is that it is valid for a period of ten years. Thus, even in the event of resale of the property, the successive purchasers continue to be covered. This is a major argument that facilitates the sale of the house and increases its value.
To take advantage of the advantages of this protection, it is still necessary to have it in time. The contract must be established before the start of the construction site. It takes effect at the end of the delivery of the works and after expiry of the guarantee of perfect completion.
In accordance with article 242-1 of the insurance code, a contracting authority cannot derogate from taking out damages insurance. However, if he decides to carry out the work himself and does not comply with this subscription requirement, the law does not provide for any sanction in this case.
Among the profiles that must imperatively be covered by this policy are the real estate developer, the builder of individual houses, property syndicates and of course, individuals who deal directly with a builder.
