Through the Law Project was introduced a new provision which establishes the rule that you cannot have a voluntary insurance for homes for which it was not completed a previously compulsory insurance:

“Insurance – reinsurance companies licensed to practice catastrophe risks may not conclude voluntary insurance for a home that has not previously completed a compulsory insurance PAD.”

It also mentions that “In the case of condominiums, it will be concluded a compulsory insurance contract for each household in part.”

Regarding the multiannual voluntary insurance existing at the entry into force of this law, the obligation on mandatory household insurance against earthquakes, landslides and floods, applies starting with the first annual anniversary.

The Law Project does not apply to dependencies, endowments and utilities that are not structurally connected to the building in which is located the insured home, as well as to the goods inside the housing.

The policy against natural disasters is valid for a period of 12 months, starting at 0.00 of the 5th calendar day of the date the premium was paid and issued and the insurance contract was signed.

In limited circumstances and regulated by norms, the Insurance Pool against Natural Disasters Risk can perform an inspection of the house subject to compulsory insurance and the occasional expense of this will be supported by PAID.

The Law Project is to come into force after promulgation and publication in the Official Gazette.