Purchasing a property under construction represents a significant investment and a significant decision.
To protect buyers from any construction defects, there is acrucial tool: the ten-year posthumous insurance policy.
This guarantee is governed by Article 4 of Legislative Decree no. 122/2005 and aims to cover material damages, direct to the property, and damages to third parties resulting from construction defects.
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What is the Ten-Year Posthumous Policy?
The ten-year posthumous policy is a mandatory insurance that the builder of a property must take out for the benefit of the buyer.
This policy covers damages that may occur up to ten years after the completion of the building, protecting the buyer from serious construction defects, partial or total ruin of the building, and other significant damages.
Importance of the Policy and Reference Legislation
Responding to the need for greater security for buyers, the legislature has introduced specific regulations requiring the inclusion of the policy details in the property transfer contract.
This ensures that each sales contract complies with the standard model established by Ministerial Decree no. 154 of July 20, 2022, ensuring transparency and reliability in insurance coverage.
Requirements and Characteristics of the Policy
The ten-year posthumous policy must be taken out by the builder or the building cooperative and must be delivered to the buyer at the time of property transfer.
The terms and conditions of the posthumous policy are not individually negotiable but follow a standard model that prevents the inclusion of unfair clauses.
Builder’s Obligations and Responsibilities
Builders are required to sign and deliver these posthumous policies starting from November 5, 2022.
Failure to comply with this regulation carries severe penalties, including the relative nullity of the contract and potential financial
penalties.
Role of the Notary and Buyer Protection
The law stipulates that even if the notary may receive a transfer deed without the policy, they must inform the buyer of the possible
consequences and risks.
This ensures that the buyer is fully aware of the legal implications and protected from any negligence.
What Does the Policy Cover?
Damages for total or partial ruin of the structure. Serious construction defects manifested after the conclusion of the contract. Damages caused by soil defects or construction defects.
The ten-year posthumous policy represents a fundamental pillar of protection for those who buy a new property.
It not only strengthens confidence in real estate investment but also ensures that any serious defects are adequately compensated, thus protecting the buyer’s financial and personal integrity.
If you are considering purchasing a property under construction, make sure that the ten-year posthumous policy is an integral part of your sales contract.
For more information or to request a quote, do not hesitate to contact us!
Do you need a Posthumous Policy for your business?
Contact us directly online to receive a real-time quote, call one of our nearest branches:
Tel. +39 055 49.32.199 – Tel. +39 02 667.124.17
Email: info@italiafideiussioni.it
You can also contact us via WhatsApp: +39 339 7150257
“Why not take a look at our customers’ testimonials? You’ll be surprised to see how effective we’ve been in meeting their needs.”