Warranty for self build properties like flats and villas
Latent defect warranty has two advantages. First it provides umbrella cover from construction and design related faults and second advantage is it increases market value of the property.
Warranty is provided for 10 years that is a long time for any defect to be surfaced. For instance take roof. If the design of the roof is faulty and construction weak then it would start showing defect as soon as it braves first spell of rains.
Self build home warranty is for homeowners. Whether you’re constructing a new home, renovating an old structure or just improving look of the existing structure, you can take advantage of the warranty and ensure that you get maximum return on your investment. A small investment in insuring your home could save your property from loss.
Conditions for home warranty
The property has to be constructed by the homeowner and the owner must live in the property for first 12 months. If you fulfill this condition, you can take advantage of the warranty cover from leading insurers. The insurers would provide you umbrella coverage that would not only help in case the property shows defects but also increase rental and market value of the property.
Want to buy home warranty
There are many options. Once you show your interest in buying an insurance policy for your home, the insurers would approach you with their quotes. There are many insurers and everyone has something different to offer. Ideally you should have good knowledge and information on insurance sector to compare policies and locate the best.
Should I compare policies?
When you’ve options, you must compare policies to find the best. But first you need to explore the market and list your options. When you have an insurer, you can buy its policy and secure your home from latent defects for a decade.
The insurer would want to do technical and physical inspection of your home to determine its age and condition. An agent from the insurer would inspect your home and work-out the policy figure. Every structure has different needs and for this reason the insurers have to calculate needs of homes that want to get insured.
If you aren’t considering buying self build home warranty then you would lose an opportunity to get umbrella cover and also an opportunity to increase market value of your property. This warranty isn’t going to cost you dearly as the insurers would try keeping it at lowest possible level.
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