Will the earthquake fee be paid for houses that are on credit? - Categories that will be exempt from the obligation to contract with the Fund
The Law on Compulsory Housing Insurance exempts certain categories from the obligation to enter into a contract with the National Compulsory Earthquake and Flood Insurance Fund that will be established for this purpose.
Referring to Article 35 of the draft law, citizens who have voluntarily concluded contracts for earthquake insurance of their homes at the time of the law's entry into force are not obligated to have mandatory earthquake insurance as long as the concluded contracts are in force.
Only after the termination of these contracts did the obligation to enter into a binding contract with the health service arise.
In other words, if an individual who, for the purpose of a mortgage loan, has an active contract with the bank for earthquake insurance at the time the law comes into force, will not be obliged to enter into another contract until the end of its term. And these contracts are usually for a period of one year and are then renewed. But after the end of the term, individuals will be obliged to enter into a contract with the National Compulsory Earthquake and Flood Insurance Fund where they will pay the specified basic premium and also renew the contract with the relevant bank, given that the bank's policy also includes coverage of damages from fires, earthquakes and other disasters and also covers the entire value of the loan and not just a part of the damages.
On the other hand, the draft law exempts from the obligation to enter into a contract with the Fund, developers who build new buildings and have a legal obligation to provide earthquake insurance to buyers of their homes for a period of 10 years.
At the same time, the law also provides restrictions for insurance companies.
Specifically, according to Article 33, private insurance companies cannot conclude voluntary insurance contracts for earthquakes or floods for a residence that, according to this law, has not entered into a mandatory contract with the Fund.
And in the event of non-implementation of this law, citizens will be denied the right to receive services from e-Albania, the cadastre or the National Business Center. The law is expected to enter into force 12 months after its publication in the Official Gazette.
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