Specialist insurance warranties for new housing with identified defects
New Housing with Building Defects
This unique product is specially designed to cover new housing, where the developer or builder is unavailable to cover the building defects period. In this event, this building defects insurance warranty product will give peace of mind to purchasers and avoid any unexpected costs.
The principles of the policy are the same as the New Home Warranty, except that an additional premium is paid to allow for the first 12 or 24 months building defects period to be covered by the warranty provider.
Example:
A development of 5 houses has been completed and signed off by building regulations. However, the builder has gone into receivership and is not available to cover the first 24 month building defects period. In this event the warranty provider will cover this period.
Easy steps to your ideal warranty:
- Request a quote
- Accept a quote
- Register the existing development
- Payment of survey fees
- Full plan check/ specification check by technical team
- Existing defects noted
- Policy issued on whole site or individual units subject to approved building regulations
Key features of a building defects warranty
- Can be arranged by either the vendor or purchaser of the property
- Available for 10 years from the date of completion - Building Regulation sign off
- Fast turnaround from survey to the inception of cover (usually 14 working days)
- Covers the cost of complete or part rebuilding in the event of a defect or structural failure
- Covers professional fees (Architects/Engineers)
- Recognised by lenders and complies with the CML initiative
- Fast “registration” turnaround
- No registration fees
