If you are planning to build a new home, you might be thinking of hiring an architect or purchasing high-quality materials. But you might not have an idea of a structural warranty also known as latent defects insurance. Imagine constructing a building, and after some years, you encounter some structural damage? It can be costly to repair and replace the damaged areas. So, structural warranties are essential.
What is a structural warranty?
A structural warranty is an insurance policy of a new home that protects the building against defects. This policy lasts for a period of 10 years. The builder will purchase the warranty before the construction starts. However, not all builders will qualify for the warranty. It depends on the builders’ experience and financial status. So, it is essential to select an insured architect.
What types of damages does the building warranty cover?
A structural warranty is not a legal requirement. But it is an essential element that covers the building damages. Also, if you want to sell a home that is less than 10 years, a structural warrant is necessary.
Most of the structural damages come as a result of natural disasters. Disasters such as hurricanes may not be covered under the structural warrant insurance. However, damages such as soil movement around the home can be covered. Apart from structural damage, the building warranties cover things such as:
- Contaminated land
Structural warranty policy helps to cover the costs of removing contaminants that surround the housing plot.
- Building control cover
At times, the builders can fail to follow the building regulations, which can lead to dangers. In this case, the structural warranty can cover the costs of rectifying the issues.
Why is structural warranty important?
Constructing a new home is costly. From purchasing the construction materials to transporting them, and hiring a builder can cost you a lot of money. So, it is important to ensure the house is constructed with the highest standards. Remember, you can choose a qualified architect, but you cannot predict when the structural damages will occur. So, it is vital to opt for a structural warranty. But how will it benefit you?
ü No repair cost
As you are aware, a building warranty is designed to cover structural damages. So, if issues arise within a period of ten years, there will be no argument about who was responsible. The warrant insurance policy will cover all the repair costs.
ü Offers protection
The structural warranty offers high protection than you might realize. Most of the buildings experience structural distress. A good way of ensuring that the damage will be covered is by considering a building warranty. With this, you will have peace of mind knowing that you will not require searching for the repair costs.
- A structural warranty is essential if you want to sell your home
It is a fact that no one can predict the future. You might decide to build a house without the intention of selling it. But things can change, and you might come up with a plan of selling it. However, it can be frustrating if you cannot find a buyer due to lack of a mortgage.
A structural warranty will allow you to sell your home quickly. You can transfer the policy to the next owner within the warranty period. So, the structural warranty adds value to a new home. It is a selling feature that every homeowner should have.