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Why Worry? Consider Structural Insurance and Structural Warranty by Sonia Allende Garcia
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Why Worry? Consider Structural Insurance and Structural Warranty |
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Construction,Insurance
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Whether you are buying a new home or building it from the ground up the last thing on any home buyers mind is worrying about issues once you move in. Are you absolutely sure nothing is going to break or malfunction once you finally begin using it? Of course this type of stuff or any issues for that matter can never really be guaranteed not to happen. Structural insurance and warranty is sometimes overlooked in the insurance arena. We are well aware of the insurance arena and how massive it really is. Talking insurance can be exhausting, considering we need all kinds to even walk upright in today’s society. We have to worry about car insurance, life insurance, medical, flight and whatever else they can the word onto. But, before getting sorted to build your dream house through contracted builders, you must absolutely purchase structural insurance. What is structural insurance anyway? When it comes to self builds or any sort of building construction, many choose a policy to cover certain aspects of the building project. For example, choosing a policy like 10 year structural insurance, can guarantee protection on the build even after completion. This policy is for self builders and is specifically designed for those building their own homes as well as conversions. The advantages of purchasing this type of policy for a self build project includes basic appliance, like microwaves, ovens/stoves; along with duct-work, electrical and plumbing. Mechanical systems like air conditioning and heating is also insured. If any sort of damage or failure occurs or if something needs to be replaced in the above item list, the only cost you will have to incur is the service fee. What about Structural Defects Insurance? Structural defects insurance is also essential in self builds and can ultimately protect further down the road. With structural defects insurance you get peace of mind and security on your new build. If later down the line you run into trouble because of bad workmanship or defective materials etc., you are well covered and protected in replacing or fixing them. This type of insurance can last from 10, 12 or even 15-years from the completion date on your new home. This is often also referred to as latent defect, home defect, structural warranty insurance and new home defect insurance. What does Structural Defect Insurance Cover? This involves a combination of construction quality and a financial assessment. In the UK it is approved by the central government and complies with the mortgage lenders. Basically, you have a much better chance of being granted a mortgage if you are covered with this policy. This will protect you against any defects in the overall design, workmanship or materials of the housing unit that is affecting or possibly causing destruction or physical damage. This could be waterproofing or drainage issues for example. It can also cover any issues involving contaminated land. Overview The disadvantages of not having structural insurance on a new build are evident above. The bottom line is you probably won’t find a lender for your mortgage. The lenders or banking institutions want to be assured their money is being used on something sound and protected. Just like you want to make sure your investment into a self build home is being used in the right way.
Related Articles -
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