Whether you’re a builder working on a new development or conversion, an agent trying to negotiate a sale, or an individual hoping to buy a high-quality property, a structural warranty should definitely be on your list of priorities.
This type of building warranty makes it easier to keep costs down in the long run by looking out for structural issues early on, lowering the risks of expensive repair work if something does go wrong with the building’s structure.
However, not every structural building warranty is the same, and unfortunately, not every company or underwriter is dependable. This article explains why getting a building warranty is essential, and what you can do to find the best one for you.
Why is a structural warranty important?
The load-bearing elements of a building are the most crucial parts. Without the right materials, design, and construction methods, the structure will be at risk of weakening and eventual collapse.
At best, structural defects can lead to a home becoming unsafe and unliveable. At worst, they can cause injuries and fatalities – not to mention thousands of pounds of damage that needs repairing.
This is why building warranties exist, to minimise the risk of latent structural defects and protect the building owner against the (likely high) costs of repairing structural damage if it does occur.
Of course, it’s not enough to just get any warranty – you need a comprehensive building warranty from a reputable provider. It’s not only the terms of the policy and the price of the premiums that matter – it’s their reliability.
After all, this contract will last for at least 10 to 12 years. Will your supplier still be in business by the end of that time? Can you be confident that they’ll be there to fulfil the policy if a structural problem crops up eight years from now?
The last thing you want is to be left high and dry, losing your investment in the property when you have to cough up the cash to cover extensive structural repairs by yourself.
Even worse, if having a valid building warranty is a condition of another contract, such as a mortgage, you could find yourself in breach of that policy. Similarly, if you plan to sell the property on, you might have a hard time marketing it with an invalid structural warranty.
How to find the right building warranty for you
The best way to find a structural warranty supplier that you can trust is by planning your project carefully from the start. You should know your insurance needs and budget before any work even begins, and get all the necessary policies set up and running in advance of construction starting.
Just as you wouldn’t settle for the first solution in your building plans, you shouldn’t go with just any building warranty. Look for a company with a wealth of experience, who has been reliably providing structural warranties for years and whose policies are accepted by all the major financial lenders.
Even then, you should read the fine print carefully to make sure the contract they offer you provides the coverage you’re actually looking for. Consider the specific exclusions, restrictions, and excesses, and don’t be afraid to ask them questions about limited insurance periods and claims procedures.
You should also check their methods for upholding the warranty, and how closely they’ll work with you and your team during the build and the building owner afterwards. They should have their own surveyors carrying out technical audits of the site at key stages to evaluate the quality of the build.
Though the price is obviously important, so is remembering that cheaper rarely means better quality. Don’t take the lowest offer just to save money, because a bad contract could end up costing you a lot more down the line. It’s fine to agree to an offer that’s good value, just make sure that the company has longevity, and a long-term reputation for good customer service to back them up.
Choosing the best independent warranty provider
With a growing demand for new homes comes a growing need for building warranties, meaning more and more providers will be entering the market. If you don’t do the proper research in advance, you won’t know who to trust – and could end up paying for it when you can’t make a structural defects claim in the future.
The point of a building warranty is to reduce the risk of such an issue happening by closely inspecting the construction process, assessing everything for compliance with building regulations and the latest health and safety laws. Choose the wrong provider, and problems could be missed, with potentially devastating consequences later.
It’s best to find an independent structural building warranty provider who can deliver the security and long-term reassurance you need. When you have all the particulars in writing, you can be confident moving forward with your building development, sale, or purchase.