A structural warranty is a form of insurance plan designed to protect homeowners and investors against hidden flaws that might appear after construction has been completed. Examples of some flaws are cracking walls, roof problems, or damp proofing faults. Latent defect insurance is another name for structural warranties. Your insurer will need to review your design ideas and examine the project throughout construction in order to get and maintain a structural warranty.
Do I Need a Structural Warranty?
Although a structural warranty is not legally required, most lenders may demand that you have latent defects insurance in place if you want to sell your home after significant renovations. As well, a structural warranty is frequently necessary whether you are financing your project with a self-build mortgage or have recently purchased a new construction. In essence, it depends on your circumstances.
When Should I Purchase a Warranty?
Early on in your renovation process is the best time to obtain this insurance plan. This is so that your insurer can appropriately estimate the risks by looking at the building drawings before construction even starts. A warranty may still be purchased along the road, though. Whether that is in the midst of construction or after it is finished. But be aware that it will cost more the longer you put it off.
How Long Does a Structural Warranty Last?
Given the many levels of structural warranty coverage that are available, it is advisable to work through a reliable insurance broker to ensure that your project is appropriately insured. Most warranties cover a new construction for the first 10 years. In the first few years of certain warranties’ coverage, they offer more protection than they do in the years that follow. The construction may occasionally need to be inspected by the insurance on a regular basis in order to preserve the guarantee.
Why Choose Home Snaggers UK?
At Home Snagging, we use cutting-edge technology, alongside our expertises’ knowledge, to ensure that your home is just how you want it. Using our keen eye and incredible attention to detail, we ensure that your new home is built as promised. Our employees are trained in defect prevention and finish consistency, and also provide a range of service along with lifetime support and advice. We can also provide structural warranty advice! Learn more about our packages here. Alternatively, follow us on Instagram.