A structural warranty is an insurance policy that provides protection against defects in construction or workmanship for a period of 10- 12 years after completion. It covers newly built or converted and refurbished residential developments and is also known as Latent Defects Insurance. Find more information on our Structural Warranties page.
The primary advantage of Structural Warranty Insurance is for the end user IE there is no need to establish who’s at fault or worry about expensive litigation costs in the event of structural defect.
In addition, a structural warranty enhances the saleability of the property- a vast majority of mortgage lenders and banks require a structural warranty in place before a mortgage can be provided.
A structural warranty is insurance for the structure of your new home, normally for a period of 10 years after completion.
If you are building an extension you may not need a warranty but you will need to comply with building regulations to ensure the property is structurally sound. It is always recommended to speak to structural warranty brokers, depending on the type of extension, in order to make sure you have the right coverage before work is started on site.
A building warranty covers:
If you or your build team use expensive tools during a property build, you’ll likely want to have an insurance policy or warranty that covers damage to tools or equipment. Certain liability insurance policies, such as Contractors all risk insurance, does provide cover for equipment and tools should they become damaged during the building process. It’s important to speak to our expert advisors in order to ensure that your tools are protected.
Once you have planning permission and before you start work we advise that you arrange the warranty and have it in place two to four weeks before works start. It’s important to contact Buildsafe straight away once you know the exact start date for the project in order to get a quote and the right coverage beforehand for your building works.
Once we have full information on the project, it will take 7-10 days to get quotes back from the insurance market. Call us on 020 3701 0422 or fill in our enquiry form online
The cost is a calculation of the build cost and sales value dependent on the rating achieved with the insurer. We gather all the relevant information required in order to provide you with the best coverage for your property or project.
There are three main elements that will affect the cost of your warranty:
Click here to view other factors that influence warranty costs.
Experience with previous successful projects or builds adds value to you as a customer for insurance providers. This means that the more experience you have the better the price we can achieve for you with the insurer.
When the home is sold, the remaining term of cover will transfer to the new owner. For example, structural warranties can last up to 10 years from completion. By having this protection in place for re-sale can help to maintain or even add value to the property as the new owners will view the existing cover as a bonus and will not need to source it themselves.
If the purchaser is raising a mortgage against the property, the Bank will insist that there is a new home warranty in place due to building warranty requirements. If you do not have one, it is very difficult to sell the unit.
The 3 key differences are as follows:
There have been occasions where we have recommended professional consultant’s certificate as a more suitable solution particularly when it comes to barn conversion. There are instances where insurers view barn conversions as a ‘higher risk’ or in extreme circumstances, will not offer cover at all.
There are a few small, independent architects and surveyors who carry out PCCs in additional to their major business streams. The problem with this option is that you are often a secondary consideration alongside their bigger clients and prioritised projects and you often will not receive the level of service you should expect.
Yes, our Completed or Retrospective Building Warranty covers any new build, conversion or major refurbishment of residential home including (but not limited to) houses, flats, bungalows, barn conversions build in the last 10 years.
Yes cover for insolvency is available- please get in touch if you need this.
Escrows are essentially a holding tank for money that insurance providers request to cover the value of any defects that may arise in the initial 2 years of cover. This money-holding arrangement is purely to guarantee there are sufficient funds to pay out for any defects in the event the developer/contractor is not around to honor the 2 year defect period. Click here for more information.
Build Safe is a trading name of London Belgravia Brokers Ltd, Registration Number: 9069586 . Trading address is 60 Margaret Street, London, W1W 8TF. London Belgravia Brokers Ltd is an appointed representative of Ten Insurance Services Ltd, which is authorised and regulated by the Financial Conduct Authority.
60 Margaret StreetLondon W1W 8TF
020 3701 0422
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