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Why Insurance & Warranties are must-haves on a self build project

Why Insurance & Warranties are must-haves on a self build project

Why Insurance & Warranties are must-haves on a self build project

Homebuilding & Renovating Masterclass 2nd November 2024

Protek Director Vicky Read  will be hosting a Masterclass Session at the Homebuilding & Renovating Show. This session, titled Why Insurance & Warranties are must-haves on a self build project is designed for anyone undertaking a self build, renovation or extension project.  Vicky will be looking at the types of risks self builders and home renovators are confronted with all the time. She will share images of the types of claims that can occur on these sites. 

14:30 Saturday 2nd November 2024 Harrogate Convention Centre

You will face many risks when you start you build journey and not all will be immediately apparent. When things do go wrong, you need to know you have the protection in place to ensure you do not fall into a financial nightmare. During the masterclass, we will explain why insurance & warranties are must-haves on a self build or extension/renovation project. The session will fully detail the insurance and risk management product solutions that are available to you. Ultimately it will better prepare you to protect your finances in the event of a loss, damage or injury occurring on your site. 

Homebuilding & Renovating Show Masterclass Session | Why Insurance & Warranties are must-haves on a self build project

Free Tickets to the National Homebuilding and Renovating Show

If you would like to attend, simply click here which will open the free ticket registration page.  We will be hold the session (which is in the Masterclass Theatre) on Saturday 2nd November at 2:30PM

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Difference between a Self Build and New Home Warranty?

The difference between a self-build and new home warranty is that a self-build warranty does not have the limitation of a 2 year defect period. A defect period makes the ‘builder’ responsible for defects occurring during the first two years. Clearly if you’re the self builder then you are unlikely to have the resources to rebuild it as the ‘builder’ if there is a major defect in the first two years. This is why a self-build structural warranty policy starts from the date of completion and does not have a defects period. It gives you as the policyholder cover from day one.

This differs massively from a ‘New Home Warranty’ which is designed to be purchased by the builder who is developing homes to sell to a prospective purchaser. A New Home Warranty carries an initial 2 year defect period where the builder is responsible for anything that goes wrong during that initial period. 

Self Builders need to avoid structural warranties that have a defect period

Clearly Self Builders need to avoid this type of new home policy, because they will be classed as the builder. This means that if a defect does manifest itself during the first two years, the self-builder would be have to fix it, because the new home warranty policy would not respond.

On the basis most Structural Warranty claims occur in this initial 2 year period, it’s likely that the self-builder wouldn’t have the financial resources to cover the loss. Self-builders need to be wary of this when choosing a structural warranty provider.

Conversion insurance is essential if you are carrying out a conversion project

Community Infrastructure Levy Exemption (CIL)

One other important difference between a self-build and new home warranty is that a self-build policy is also one of the key elements required to prove exemption under the Community infrastructure Levy (CIL).

UK Authorised Insurer, Financial Services Compensation Scheme

It’s important to choose a warranty backed by an insurer who is authorised to write business in the UK. They also must be backed by the Financial Services Compensation Scheme (FSCS) as this is critical to ensuring you do not fall victim to a failed insurer. 

Warranty provider approved by lenders

Protek is approved by lenders. This means your customers will be in a good position to obtain a mortgage on the home you are selling. Unlike Professional Consultants Certificates (PCC’s) the structural warranty cover Protek provides lasts for the full 10 or 12 years. Importantly, it does not need to be topped up should the PCC become unacceptable for lending purposes or expires.

 

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Protek Self Build insurance

SELF BUILD INSURANCE & STRUCTURAL WARRANTY

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Protek Group Limited,
First Floor, Marlbridge House,
Enterprise Way, Edenbridge,
Kent,
TN8 6HF.

Tel: 0333 456 8030

 
 
 
 
 
 
 
 
 


 

Protek Group Ltd is is authorised and regulated by the Financial Conduct Authority. Protek Group Limited FCA Reg. No. 999394.

Protek Group Ltd registered office: First Floor, Marlbridge House, Enterprise Way, Edenbridge, Kent, TN8 6HF. Registered in England and Wales. Company Number 09616620.

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