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What is a Structural Warranty?
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. Click here for more information.
Why do I need structural warranty insurance?
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.
How long does a structural warranty last?
A structural warranty is insurance for the structure of your new home, normally for a period of 10 years after completion.
Do I need a structural warranty for an extension?
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.
What does a Building Warranty cover?
A building warranty cover’s
- Structural Defects (including foundations, columns & beams, external walls & cladding, external doors & windows, stairs & floors, roof structures)
- Ingress of Water
- Drainage System
- Subsidence, Heave and Landslip
- Threat of imminent collapse requiring remedial works to prevent damage caused by a defect in design, workmanship or materials but not discovered before inception of cover
- Consequential Loss for Non-Structural Elements
- Loss of Deposit / Insolvency
- Removal of Debris & Professional Fees
- Alternative Accommodation
- Loss of Rent Receivable
- Contaminated Land Remediation Expenses
- Physical Health & Safety of Occupants (non compliance with Building Regulations)
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.
When is the best time to get a warranty in place if i am planning a build?
Once you have planning permission and before you start works we advice that you arrange the warranty and have it in place two- four weeks before works start.
How long does it take to get a quotation from Buildsafe?
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.
Would you ever recommend purchasing a Professional Consultant’s Certificate over a Building Warranty?
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.
If the property was completed with the last 10 years, can you help with a Retrospective Warranty Cover?
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.
Do you provide cover for insolvency?
Yes cover for insolvency is available- please get in touch if you need this.