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What are the Building Warranty Requirements?
Building warranties are insurance policies that provide the residential home or commercial building with a 10 year structural latent defects guarantee in the event of building damage or failure due to build & design inefficiencies.
There are numerous forms of residential and commercial cover including new homes and conversion / refurbishment housing warranties, completed housing warranties, self-build warranties, commercial property warranties along with more specialist warranties for insolvencies and social housing. Building warranty products offer to repair or replace parts of the building that do not perform or function properly or to regulation standards because of a latent defect. Residential warranties are provided to new homes, conversions and major refurbishments.
How is the cost of a warranty calculated?
The cost is a calculation of the build cost and sales value dependent on the rating achieved with the insurer.
Why do I have to be rated?
The more experience you have the better the price we can achieve for you with the insurer.
Can cover be transferred to subsequent homeowners upon sale?
When the home is sold, the remaining term of cover will transfer to the new owner.
Do I have to have a warranty to sell my new home?
If the purchaser is raising a mortgage against the property, the Bank will insist that there is a warranty in place due to building warranty requirements. If you do not have one, it is very difficult to sell the unit.