Homebuyers charged for insurance builders should pay

Homebuyers in Albania are often being charged for an insurance policy that builders are legally expected to pay.

The policy was enforced after the 2019 earthquake and is meant to protect buyers if a building collapses or has serious construction defects.

Notaries say the cost should fall on the builder, unless the buyer and builder agree otherwise.

But buyers say they are often asked to pay the premium when signing a property contract, on top of the home price and other legal costs.

The problem exposes a wider gap in consumer protection, with no single institution clearly responsible for such cases.

Financial and competition regulators told Monitor the issue was outside their remit.

The insurance market for builder liability was worth about €3.7m last year.