Change of Ownership Insurance is when you – for a fee – delegate liability for potential hidden defects and deficiencies in the home you are selling to an insurance company. An investment that gives you peace of mind when selling your home.
Why is Change of Ownership Insurance a good investment?
As a seller of a property, you are liable to the buyer for hidden defects. Hidden defects refer to such defects that could not be discovered at the time of the house transaction and which the buyer was not entitled to assume with regard to, among other things, the house's age, condition, construction method and what emerged during an inspection of the house.
As a seller, you can take out a seller's insurance when selling your property, which covers liability for hidden faults for ten years. The insurance applies to inspected residential buildings and inspected car buildings (eg detached garages and guest houses). Within the framework of the insurance, we undertake to investigate whether there is a hidden fault, pay compensation in the event of a compensable fault, negotiate with the buyer and represent you as a seller in a possible lawsuit.
If you as the seller have received a claim for a hidden defect from the buyer, a claim should be made to Protector Försäkring as soon as possible.