Construction & Contractors Blog
If you want to build your own home and have no experience of this level of build, then you have to rely on the home builder you hire to do the job. As you shortlist builders, it's important to make sure that they have the skills and experience you need.
It's also important to ensure that they have a home builder warranty insurance policy in place. This coverage gives you extra protection in the event that something goes wrong. What does it cover and why should you insist on it?
What Is Home Builder Warranty Insurance?
This kind of warranty gives you financial protection if your builder fails to meet their obligations or creates a certain type of problem with your new home.
So, for example, a warranty will cover problems like:
Typically, this kind of insurance covers you when you can't resolve the problem with the builder directly. For example, it might kick in if you have a structural defect but your builder has died, can't be found or is bankrupt.
While this warranty is mandatory in many states, it is voluntary in others. If your builder doesn't have to take out this insurance, you can ask that they do before you hire them.
What Are the Benefits of Home Builder Warranty Insurance?
If you've never hired a builder for a large project before, then you won't know how things will go until they start work. Even if they have a stellar portfolio and stacks of positive references from past clients, things won't always work out.
If your builder provides proof of home builder warranty cover, then you know that their insurer has some confidence in them. Insurance companies don't take unnecessary risks. They want builders to tick certain experience, skills and performance boxes before they cover them.
There are also times when your build stutters because of something you can't control. For example, if your builder goes bankrupt and shuts their business down before they start work or during the project, then you could be left out of pocket.
Or, if you discover a few years down the line that your builder cut corners or left you with structural problems in your home, then you may want recompense. If your builder has moved and no longer works in the industry, then you might not be able to track them down.
In either case, your warranty gives you peace of mind and financial protection. The insurance company will help make good your losses in these kinds of circumstances.
So, as you interview home builders, make sure to ask about their coverage. They should be able to give you a warranty certificate for the build, which will give you peace of mind.
For further details, reach out to a local home builder.
Share9 June 2020
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