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
Definition of Major damage only
Destruction of or physical damage to a load bearing element of the Residential Property caused by a defect in the design, workmanship, material or components of the Structure which adversely affects the structural stability or resistance to damp and water penetration; or
A condition requiring immediate remedial action to prevent damage to a load bearing element of the Residential Property which adversely affects the structural stability or resistance to damp and water penetration.
A condition requiring immediate remedial action to prevent imminent danger to the health and safety of the occupants caused by a defect in the design, workmanship, material, components of the Structure or failure of the Developer to comply with Building Regulations in respect of chimneys and flues; which is discovered and notified to the Insurer during the Structural Insurance Period.
What it covers?
Major damage only
The cost of complete or partial rebuilding of or rectifying work to the Residential Property which has been affected by Major Damage (caused by a latent defect) provided always that the liability of the Insurer does not exceed the reasonable cost of rebuilding each Residential Property to its original specification. Claim limit (sum insured) needs to be to value of the works / property.
Buildsafe UK for Building Warranties
We are an independent organisation authorised and regulated by The Financial Conduct Authority offering advice and market quotes for the UK Building warranty market.We also provide independent monitoring solutions from professionally qualified building surveyors.
Our Team has in excess of 20 years’ experience in the UK property sector including Insurance and surveying services.Our ethos is based around outstanding customer service.
Obtaining a structural warranty can be an arduous process with lots of form filling, additional questions from insurers and time spent chasing an actual quote.
We take away that pain by managing the process for you and ensuring you receive the best price for the most appropriate cover to meet your requirements.
If you would like more information or a chat about your requirements, please give us a call on 0203 701 0422
As a specialist broker we know which insurers to use for each specific project in order to get the best price and cover.