If you're looking to buy a new home that is either a new build or an existing property that is less than 10 years old, Home Owners Warranty Insurance is essential.
Home Owners Warranty Insurance, also referred to as Structural Insurance or 10 Years Latent Defects Insurance, protects against the high cost of repairs associated with structural repairs to a new building.
Due to the nature of new buildings, structural issues are often hidden and do not become apparent until the house has settled and been lived in for a while. For this reason it is important to have cover in place for a reasonable period of time, with the standard currently set at 10 years from the date of completion of construction work (although extended warranties of 12 or 15 years and retrospective warranty insurance is also available).
It is important to consider that structural issues within new buildings are not limited to errors from the builders or poor methods of construction but can in fact be caused by a wide range of factors. Some of these include faulty materials, issues with land subsidence or contamination or faults in the architectural design.
For this reason Home Owners Warranty Insurance is much more preferential than an Architect's Certificate or the typical 2 years Builders Insurance you will get with a new property (in fact with CRL's cover, there is no reliance on the 2 year developer warranty period and instead we cover you from day one, ensuring less stress by giving you extra peace of mind).