Why Do Self-builders Need Structural Insurance?
If you are setting up a self-build project, have you thought about putting your structural
defects insurance in place? Having a secure and detailed structural insurance warranty to cover your new build project is essential for a number of reasons. First of all, your mortgage lender may expect to see your comprehensive 10-year building defects insurance policy before they will consider lending on your new property. Not only that, but if you decide to sell on your property when it is complete a potential buyer may also have a requirement for a structural defects insurance certificate.
The CML (Council of Mortgage Lenders) also require there to be a 10-year structural insurance policy in place if a financial institution lends money on the property, as often structural defects are not provided for in household buildings insurance for the first 10 years of the life of the property, as this is deemed the high risk period for such defects to occur.
A structural damage insurance policy will protect the investment you have made in your new project by covering you in the event that you are let down by any of your contractors or suppliers should they fail to deliver the quality of workmanship that is required to make your property structurally sound for the first 10 years of its existence. Your self-build structural insurance policy will also protect you against other defects that may not be possible to detect at the time your new property is completed, such as problems arising in the foundations or water penetration inside the building.
Dont make the mistake of thinking these potential defects will be covered by your building insurance. You require extra cover with a structural defects policy to protect you from these unforeseen problems, which tend to occur in the first 10 years of a propertys life.
All self-builders should protect themselves by investing in
Structural Defects Warranty, as well as their normal building insurance. Without it you are opening yourself up to a huge future risk that you may not have the budget to cover. Structural defects can be devastatingly expensive to fix and it is a wise decision to take this precautionary step, which is a long term investment and could save you from an unforeseen financial situation later on in the life of your property. Structural insurance is an affordable option that can cover all types and sizes of buildings.
Obtaining a structural defects insurance policy is easy. Just visit
www.c-r-l.com and request a self-build structural insurance policy quote and survey. CRL offers the most cost effective and competitive structural insurance policy solutions for your home, as well fast and efficient customer service to make insuring your self-build project as easy as possible. CRL is also recognized by over 30 mortgage lenders across the UK and Ireland.
by: CRL
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