- Build Zone
What is a structural warranty, and why do you need one on a new build?
If you are buying or building a new home in the UK, it is important that you understand what a structural warranty is and why you need one. A structural warranty provides protection against latent defects in the property - these are defects that may not be visible to the naked eye but could cause serious damage down the road. Using an 'A' rated insurer for your structural warranty is important, as they will have the necessary expertise and financial stability to cover any potential claims.
If you want to secure your building against any potential structural issues, it is essential that you obtain a structural warranty. This type of warranty will provide protection for up to 10 years. Mortgage lenders normally require one before they approve financing; however, even if the construction is being funded with cash, this remains essential to protect the property's future sale prospects.
During the first couple of years post-completion, if any structural issues or major damage occur, usually the underwriter will send you back to your builder in order for it to be fixed. If your builder has gone out of business; however, qualifying claims can expect coverage from the underwriter itself. But, from years 3-10, policyholders no longer need to worry about their original contractors; protection is automatically provided without complications.
A structural warranty is an insurance policy that covers structural defects in a newly built property. It typically covers:
Developments benefiting from a Build-Zone new home warranty can expect cover for the following:
· The structure, including the foundations, load-bearing parts of the floors and staircases, and the roof covering
· The external finishing surface
· The glazed panels to the external doors and windows
· The floor decking
· Any detached garages and outbuildings*
*It is essential to read the terms carefully, as certain warranties may not cover some garages and outbuildings.
New build warranties protect homeowners by safeguarding them against any structural issues resulting from inferior quality materials or shoddy workmanship. However, these warranties will not offer coverage for damages caused by natural disasters such as storms, floods, and fires - this is where home insurance becomes necessary. With home insurance in place, you can be confident of knowing your property remains safe and secure regardless of the weather conditions outside!
How much does a structural warranty cost?
As a general guideline, you should budget approximately 1% of your estimated construction costs before any work is done on-site. Retrospective structural insurance can be hard to come by, so it's best to choose coverage as soon as possible when planning the project.
Having a structural warranty in place ensures that you are protected against any latent defects that may arise over time with your new build property – it gives you peace of mind that if something does go wrong, you are covered and have a reliable insurer to turn to.
Structural warranties provide essential protection for new build properties, so you won’t be left out of pocket for costly repair work.
Why should I opt for an ‘A’ rated provider?
When choosing a structural warranty provider, it is important to use an ‘A’ rated insurer for as they will have the expertise and financial stability to cover any potential claims. Structural warranties ensure your home is safe, structurally sound and protected against latent defects.
If you are looking for structural warranty cover for your home, Build-Zone can help. We offer comprehensive structural warranties and commercial latent defects insurance policies, backed by ‘A’ rated insurers. Plus, our team of trusted experts is always on hand to provide advice and support.