byggfelsförsäkring

Byggfelsförsäkring, often translated as construction defect insurance or latent defect insurance, is a type of insurance policy designed to protect property owners against unforeseen and significant defects that arise in newly constructed buildings or major renovations. These defects are typically structural, hidden, and not immediately apparent upon completion. The policy usually covers the cost of repair or remediation for these hidden faults.

The need for byggfelsförsäkring arises because construction defects, such as problems with foundations, structural integrity, or waterproofing, can be very expensive to fix and may not become evident until well after the warranty period for the builder has expired. This insurance provides a financial safety net for the property owner, preventing them from bearing the full burden of these unexpected costs.

Typically, byggfelsförsäkring is taken out by the developer or builder and is then transferred to the buyer or owner of the property. It is a common requirement in many countries, particularly for new residential and commercial developments, to ensure consumer protection. The policy usually has a defined coverage period, often several years, and specific exclusions, such as cosmetic issues or defects that were known or should have been known at the time of purchase. The premiums are calculated based on factors like the project's value, complexity, and the reputation of the builder.