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The mandatory ten-year insurance comes into force in Colombia

Published 24 January 2022

Since January 1, 2022, the mandatory ten-year insurance for new housing projects in Colombia has been in place. It had originally been planned that this insurance would come into force in February 2021, but due to the effects of the pandemic, its start date had been extended.

The ten-year insurance will cover the possible damage of the property as well as the expenses incurred by the owner or successive owners of new housing, when within ten years following the issuance of the certificate of occupation, the construction appears or threatens to total or partial ruin, as a result of a defect in the construction, or due to a defect in the land that the developer or the people employed by him must have known because of their occupation. The policyholder will be the builder or seller of the new housing, so it is expected that the cost of these premiums will be transferred to the final buyer, anticipating an increase in the final price of new projects of between 1% and 2%.

It is estimated that by 2030, 2.5 million homes will be built, of which 99% will be covered by these policies, so great dynamism is expected in this market.

Authors

Juan Diego Arango

Bogotá D.C

+571 744 3264

jarango@dacbeachcroft.com

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