Also, referred to as latent defects insurance, they are used to cover the cost of defects and damages after completing the construction work. Structural warranties cover damages caused by but are not limited to faults in the design, materials, workmanship, construction, supervision and installation. Here are the top 4 reasons why you need to have a 10-year structural warranty for your building project.
1. Peace Of Mind
Note that, structural defects may not be visible immediately. A 10-year structural warranty cover will provide you with 10-12 years of peace of mind and overall protection. If there are any defects in the structure, the insurance will cover the overall costs of repairing these defects and making any replacements thereby fixing the total damage caused.
2. Save Time, Money And Avoid Litigation Costs
Structural defects are very costly to rectify. If you have a warranty, it’s easy to make a claim for a defect. You don’t necessarily have to establish who is at fault or worry about expensive legal costs if there is a latent defect. You simply need to prove that there is a defect and make a claim.
3 Enhances The Prospects Of Selling Your Property
Most mortgage lenders and financiers require a structural warranty in place before they provide you with the necessary finances. If you have a new build warranty in place, you can give potential buyers the peace of mind of knowing that their home is built to the highest standards.
4. Transferable Cover
Structural warranties can be transferred easily. Once you sell your home, the remaining term of cover will be transferred to the new owner without any hassles.
How Do I Get A 10-Year Structural Warranty?
The process of having a structural warranty is quite efficient and straightforward. Here are some of the steps you need to follow if you want to get a comprehensive and suitable cover for your property.
- Submit an enquiry form online and someone will contact you immediately to discuss the details of your project. You need to provide additional information such as construction blueprints before submitting the query to the insurers.
- A selection of structural warranty quotes is provided where they properly highlight the policy terms and have a clear view of the market.
- The team then awaits proper instructions to proceed with payment of the policy. Here, the insurer will be properly instructed and a surveyor can start inspecting the site.
- Once the inspection is completed, a warranty surveyor signs off and after practical completion is achieved, the team will obtain certificates from the insurers including warranties such as sewer bonds insurance.
It’s an easy and straightforward process so you need to follow it up to have the right certificates.