New build 10 year ‘Decenal’ property insurance Spain

New build 10 year ‘Decenal’ property insurance Spain

10 year newbuild property insurance Spain ‘Seguro Decenal’

 Since may 2000 it has been obligatory in Spain for ‘Promotors’ or property (normally the developer) to take out a ‘Seguro Decenal’, in order to cover the building, should it be subject to any significant defects that affect it’s structural stability and resistance.

Firstly it is important to note that most  builders will opt for the basic obligatory cover. While optional cover is available to cover elements such as the water tightness of roofs and walls, many builders will not take additional cover and though  elements that affect the habitability of the building may need to be rectified by the builder up to 3 years from the date of completion (see below), after 3 years it’s only the remaining 7 years of the 10 year policy that can be called upon. Many owners therefore find that having found problems with their Spanish property after 3 years, it is only those defects that affect structural stability that can realistically be pursued with the insurers. The correct diagnosis of problems and identification of structural relevance is therefore important.

Post purchase calendar:-

First 15 days: Owners should report any evident defects to the builder, who then has 28 days to rectify them. Significant omissions may even give the owner an opportunity to withdraw from the purchase, though in practice this may