Self-Build Warranty

New Build Warranties for both Self Build and Experienced contractors are usually around 1% of the sum insured (build cost) for a traditional new build project.

On a completed property if a buyer has a mortgage or lender to satisfy then no, a property built within 10 years requires a Structural Warranty. Whilst a cash buyer does not have to satisfy a lender most solicitors will still advise to have this in place satisfy the requirement under UK finance (previously CML).

An insurance policy that covers the partial or total rebuild of the property in the event of Structural Failure.

Under a Self-Build policy there is no defect period for a contractor. This should be established directly between client and customer.

Whereas a policy taken out by a contractor or developer carries an indemnity of 2 years for which the contractor/developer is liable – some are reduced to 1 year, however this is likely to increase the excess and premium.

If a buyer has a mortgage or lender to satisfy then no, a property built within 10 years requires a 10-year Structural Warranty. Whilst a cash buyer does not have to satisfy a lender most solicitor will still advise they have one in place.

Complete or partial rebuild of the structure in the event of structural failure (Building structure including foundations, walls, floors and roof).

Standard Building insurance is an annual policy covers you if something happens to your home. For example, if a fire, flood or storm damages the building it will cover the cost of the repairs. It will cover the cost to rebuild, repair or replace things like your roof, walls, windows, doors or fitted bathrooms and kitchens. Whereas a Structural warranty covers a Property, New Build or conversion, for structural failure and provide cover for partial or total re-build of your new home for 10 years from building control sign off.

Yes, once the property has been signed off by Building Control is habitable both buildings and contents cover will be required. Standard Building insurance is an annual policy covers you if something happens to your home. For example, if a fire, flood or storm damages the building it will cover the cost of the repairs. It will cover the cost to rebuild, repair or replace things like your roof, walls, windows, doors or fitted bathrooms and kitchens. Whereas a Structural warranty covers a Property, New Build or conversion, for structural failure and provide cover for partial or total re-build of your new home for 10 years from building control sign off.

The standard exclusions are listed below.

• Due to or arising from any defects in any existing and/or retained structures and their retained component parts.
• Loss or damage caused by normal settlement, drying out or natural shrinkage in the new home.
• Loss or damage caused by or resulting from fire, lightning, explosion, typhoon, hurricane, cyclone, volcanic eruption, earthquake, storm, tempest, flood, subterranean fire or other convulsion of nature, aircraft or other aerial devices or articles therefrom, escapes of water from tanks, apparatus or pipes, malicious persons, theft, attempted theft or impact.
• Ingress of water Flat Roof & for basements or any below or partial below ground levels.
• Change in colour, texture, opacity or staining or any other ageing process.
• Wilful and malicious damage by you or any other party.
• Loss or damage due to wear and tear, toxic mould or mildew, action by or infestation of vermin or insects, atmospheric or climatic conditions or gradual deterioration.
• Maintenance of and/or abnormal use of your new home.
• Snagging
• Subsidence
• M and E
• Loss or damage

Key features of a Self-Build Warranty includes:

• 10-year Structural Warranty cover from building regulation sign off
• No Defect Period – Endorsement to retain as your main residence for the first 12 months (or that of an immediate family member) from practical completion (building control sign-off)
• The premium covers 10-Year Policy and includes all survey fees and insurance costs as a one-off payment.
• GBW Latent Defect, provide full technical support throughout the policy term
• Standard £1,000.00 excess – for each and every individually identifiable loss.
• Insurance will cover the cost for a complete or partial rebuilding in the event of structural failure, including professional fees and demolition
• Our policies are fully assignable to any future purchaser for the term of the policy once the initial 12-month period has passed
• UK Finance (previously CML) Approved – All polices are Recognised and accepted by mortgage lenders.
• FCA Regulated