Protek’s Simon Middleton highlights how to choose the right warranty provider for your self-build and specifically what differences to look for between providers.
Not every structural warranty provider understands the nuances of the self and custom build market. Unfortunately, this can make choosing the right warranty provider a little tricky, especially if this is your first project.
Self -Build and Custom Build projects require very specific warranty cover
Some warranty providers will treat a self-builder in the same as they would a developer. In this situation, the warranty quotation you receive will make you responsible for any claims in the first two years. That clearly isn’t going to be ideal and offer you little risk mitigation. They often require minimum levels of financial security from you to back up the responsibility being placed on you. To top it all, they can also require you to have several years building experience and you may get just 18 months to complete the build.
In my twenty-six years of providing warranties in this industry, it is clear that not too many self-builders will fit that model. The reality is that most of this detail will be buried in the depths of a complicated quotation document. So, unless you read it very carefully, none of it would be established until you tried to make a claim, at which point it could be too late.
What to look out for
A self-build warranty should provide cover on the basis you are building or managing the project, perhaps with little or no experience. Cover needs to start immediately you complete the property. The policy definitely should not have a defect period. This is because you are very unlikely to be in a position financially to rebuild your home out of your own pocket, if there is a major issue in the first two years.
If you are managing the new build, extension, conversion, or renovation of your new home – you need to think carefully about structural warranty and site insurance. Check who the insurer is and whether they are covered by the Financial Services Compensation Scheme. Importantly make sure you read and understand the implications of the conditions and any subjectivities. This is of paramount importance!
Protek have been providing cover for the self and custom build sectors for years. We understand the issues you face and can provide cover to suit the project you are undertaking. For more information just give us a call.
Your project covered your way. Call 0333 456 8030