'The benefits of housing warranty insurance' - Planning & Building Control Today
- Date: 07/01/2016
"A structural warranty provides the buyer of a residential property with insurance cover against the costs of putting right defects in the property that arise after completion of construction due to defective design, workmanship or materials. The insurance cover usually runs for 10 years from completion of construction.
"It is vital therefore, that the warranty can provide the necessary cover and peace of mind. BLP Insurance’s housing warranty insurance product stands apart from the traditional new home warranty solutions. As an insurance policy it covers the building, rather than the builder. The policy will respond to claims providing there is evidence of physical damage. Simply put, with the exception of water ingress in the first year, if something does go wrong the cover will meet the cost of reinstating the Premises without having to go through the often time consuming and complex task of seeking redress from your builder.
In this guide produced for Planning & Building Control Today Jeff Maxted, Director of Technical Consultancy at BLP Insurance, explains what a warranty should cover, and the different solutions to address the needs of a changing market.