But, all those new builds require insurance and some protection. That comes in the form of a new build warranty – something you can obtain from ABC+ Warranty.
Find out more about new build warranties, including what they cover, in this guide.
What is a new build warranty?
A new build warranty is an insurance policy that provides financial support in case latent structural defects occur on the property months or years after completion.
The latent defects could be a result of poor workmanship, low-quality materials and inadequate planning. They could affect the structure of the building, create water damage, produce electrical issues, and more.
A new build warranty is a 10-year insurance policy that’s split into two parts; the first is known as the developer liability period which holds the builder to account should there be any issues with their work.
The second part (eight years) makes up the insurance period where the builder has less liability and smaller issues are put down to wear and tear.
What is covered by a new build warranty?
During a new build warranty, you’re covered for structural issues such as roofing issues, problems with load-bearing walls, water damage caused by issues with the design and construction of the building, and more major issues.
In the first two years of the warranty, any issues discovered – minor or major – can be held against the contractor. They must return to the property to resolve the issue.
After the two years have ended, smaller issues that could be because of simple wear and tear are no longer covered. Anything major goes through the insurance company which will provide the financial support to ensure it’s corrected.
What isn’t covered?
New build warranties do not cover damage from general wear and tear or damage caused by weather and natural events; they simply cover structural defects caused during the building process by either shoddy design, work or materials.
In some cases, you can get coverage for damage caused by dampness or condensation but this is probably only likely if the developer failed to comply with building standards.
The new build warranty also won’t cover damage caused by the buyer failing to maintain the property.
Why choose ABC+ Warranty for a new build warranty?
At ABC+ Warranty, you’re not required to pay any membership fees or holding bonds and certificates are issued within hours, not weeks.
If you’re a contractor or a developer, a new build structural warranty is essential to protecting all parties should structural defects occur within the property months or years after construction has finished.