Timing Your Structural Warranty: A Guide
A structural warranty is a crucial investment for any property developer and homeowner, providing essential protection against potential structural defects. However, the timing of purchasing this warranty can significantly impact both coverage and cost.
Obtaining Your Structural Warranty Before Construction Begins (New Build)
Ideally, obtaining a structural warranty before construction commences is the most advantageous option. This allows for a thorough assessment of the project at all stages, reducing the risk of hidden structural defects. As a result, the warranty premium is typically lower compared to other scenarios.
Obtaining Your Structural Warranty Mid-Development (Interim)
There are scenarios where a structural warranty might not be acquired until the project is underway. This often occurs when a new developer/contractor takes over a stalled project or when the original developer neglected to obtain coverage before construction began.
While this scenario offers some level of protection, it presents challenges. Certain elements of the building may already be concealed, making a fully comprehensive assessment difficult. This increased risk can lead to a slightly higher premium.
Obtaining Your Structural Warranty After Project Completion (Retrospective)
A retrospective warranty, obtained after the project is substantially completed, is the least preferred option. A full structural survey is required, which can identify potential defects that were hidden during construction. Due to the heightened risk, retrospective warranties generally have the highest premiums.
Conclusion
The optimal time to purchase a new build warranty is before construction begins. However, even if your project is at a later stage, it’s still possible to obtain coverage. Our team can assess your specific circumstances and provide the most suitable warranty option. Contact us today for a quote.