Latent defects insurance is one of the most important types of insurance that many individuals seek. This insurance covers all defects that appear in buildings after delivery, including hidden or unknown defects at the time of handover. These defects may lead to structural issues over time, such as wall cracks or water leakage, which could eventually cause severe damage to the property. To mitigate such risks, latent defects insurance is a suitable solution. Brokerage Company offers various insurance programs, including this particular coverage.
Protecting your assets and rights has become easier with the insurance programs provided by Brokerage Company. You can obtain latent defects insurance after completing the construction of your home. This insurance ensures the protection of your property from hidden defects and covers the cost of necessary repairs. The key benefits of latent defects insurance include:
Consumer Protection: This insurance protects homeowners from expensive repair costs due to unforeseen defects. It applies not only to residential buildings but also to commercial properties.
Enhancing Construction Quality: By ensuring accountability, this insurance encourages builders and contractors to maintain high-quality standards, leading to more durable and well-constructed buildings.
Boosting Confidence in the Real Estate Market: The existence of latent defects insurance enhances trust among investors and buyers. A property with this insurance policy increases in value, making it a more attractive investment.
If you're wondering how latent defects insurance differs from traditional insurance, the former offers several advantages that make it a preferred choice.
Latent defects insurance covers both visible and hidden defects that may appear after construction completion. Additionally, the coverage period can extend up to ten years, providing long-term security. In contrast, traditional insurance typically covers only short periods, usually up to two years at most, with annual renewal options. Due to its long-term protection and cost-effectiveness, many individuals opt for latent defects insurance.
Brokerage Company specializes in providing latent defects insurance, leveraging its vast experience in the insurance sector to offer clients the best protection solutions.
The cost of latent defects insurance varies based on several factors, including:
The size of the residential or commercial property
The duration of the insurance contract
These factors significantly influence the insurance premium. You can easily contact Brokerage Company via its official communication channels, including Facebook, X (formerly Twitter), and Instagram, to receive complete details and pricing for latent defects insurance.
Due to the importance of latent defects insurance in protecting homes after construction, many people wonder whether it is a legal requirement. In Saudi Arabia, this type of insurance was made mandatory in 2020. The regulation was implemented in four phases, initially covering commercial projects and later expanding to include residential properties. Any business, home, or commercial center can benefit from latent defects insurance to safeguard their assets from unseen defects that may emerge over time. Brokerage Company offers reliable latent defects insurance services to meet this need.
In addition to latent defects insurance, Brokerage Company also provides third-party insurance, which covers damages caused to others in the event of a car accident. This insurance covers bodily injuries and material damages but does not include theft. If you require theft coverage, you should consider comprehensive insurance, which protects your vehicle against theft, fire, and other potential risks.
For more details on available insurance options, visit Brokerage Company's website and select the service that best suits your needs.