Warranty v Insurance: which cover is best for your home? Mortgage Introducer blog
- Date: 16/10/2013
Brian Kilroy, Business Development Manager at BLP, writes on his Mortgage Introducer blog:
"First of all, before anyone reads the term ‘cover’ and thinks “this isn’t for me” then let me stop you there. There is a major misconception around these products as not only are these types of products mandatory for those buying a new build home, or even building a new home themselves, but mortgage providers will not lend without it. Therefore, it is essential to know which product best suits you and your needs.
"In general terms, both warranties and insurance on properties and their structural components offer a ten year policy which transfers from owner to owner, and covers both new builds and conversions. What is worrying, and why I want to raise the profile of this type of cover, is that in 99% of cases it is the housebuilder who decides which warranty/insurance product comes with the property and not the purchaser. As a result of this I have seen many cases where the developer makes their choice of cover based on the impact on them as builders and not the implication for the purchaser as the owner of the property."