
When it comes to having a new home built or construction work to existing structures, there are a few different types to consider. In this blog post, we will discuss the most common types, why you might need them and why working with an independent insurance broker could save you time and money as well as giving you the opportunity to support a local, smaller business.
New Home Building Warranty Insurance
The first type of warranty is the New Home Warranty. This is designed for residential contractors or self builders who are building private residences to sell on to future owners. It offers coverage for mixed-use developments and can contain cover for developer insolvency and alternative accommodation.
Latent Defects Insurance
The second type of warranty is the Latent Defects Warranty. Latent defects insurance is important because it protects buyers from any structural damage that might occur after they purchase a property. This type of policy is essential for anyone who plans on buying an older home, since these homes are more likely to have hidden damage. Before purchasing latent defects insurance, be sure to read the fine print so that you understand what is covered under the policy. In some cases, it might make more sense to purchase a different type of warranty policy depending on your specific needs.
Building Warranty Insurance
The third type of warranty is Building Warranties. This protects your home against any damages that may occur as a result of faulty workmanship or materials. Whether you have had a small extension or a complete or partial rebuild, these structural warranties can help give you peace of mind. It is important to note that this insurance only covers damages that occur during the construction or renovation of your home, so it will not cover any damages that occur after you have moved in.
Structural Warranty Insurance
The fourth and final type of warranty is the Structural Warranty Insurance. This warranty covers any structural damage or structural defect that may occur to your home as a result of faulty workmanship or materials. This is something that may be picked up by building control services when inspecting residential buildings.
No matter which type you need, it is important to make sure that you understand all of the terms and conditions before signing up for coverage. By doing so, you can be sure that you are getting the most out of your warranty policy. Any good Insurance Broker will take you through what the warranty provider is offering and explain any terms that you are unfamiliar with. They will also offer independent advice as to what cover you really need.
If you have any questions about warranties, please don’t hesitate to contact us today. We would be happy to help you choose the right policy for your needs.
Choosing Insurance Services
Which one is right for you will depend on a number factors, including where you live, the age of your home, and the type of build, partial rebuild or renovation work.
An insurance broker can save you time and money by helping you find the best insurance policy for your needs. They work with a variety of insurers, so they can compare rates and coverage to find the most competitive price for you. An independent broker is not tied to any one insurance company, which gives them the flexibility to find the right policy for you.
Using an independent broker is also a good way to build relationships with local businesses. When you need help finding affordable coverage, these businesses are happy to refer you to a trusted broker who can help. Developing these relationships can be beneficial in the future when you need other services from these companies.
Finally, using an independent broker is a great way to support your local community. These businesses are typically small and family-owned, so your business helps them stay in operation. When you use an independent broker, you’re investing in your community.
So if you are looking at Building Warranties Insurance as something that you may need to take out, talk to Construction Insure today!