Although they’re commonly perceived of as a ‘just in case’ support that may ultimately never be called upon, warranties matter a lot- even if you never need to use them to cover a claim for a structural repair or rebuild.
If you enter an estate agent’s office, one of the main selling points they’ll be interested in is your insurance coverage for the property in question.
Properties that have been newly constructed or converted should be covered by a new home warranty, also often referred to as latent defects insurance. Lenders want assurance that the property has a solid warranty against building defects, and even after the initial conveyance, lenders will continue to see the home as ‘new build’ for around 10 years from the date of completion.
Even when buyers are in a position to buy the home with cash instead of taking out a mortgage, a solicitor will strongly recommend that they buy a property with a new home warranty or structural insurance in place, to ensure that they will be able to sell on the property in the future to a buyer who does choose to go the mortgage route.
CRL are one of the insurance brands that are popular with self-builders, developers and mortgage lenders. There are slight variations between each of the structural insurance brands, but generally speaking all protect you from the point of reservation onward, and they usually cover exchange funds and reservation deposits, which is especially important for anyone who intends to buy off-plan.
There is usually a two-year period after completion when you can report any observed defects directly to the developer. CRL, however offer the advantage of immediate cover with no extended builders liability cover, making life easier for customers and developers. No other competitor currently offers this. For a full introduction to CRL and what we offer, take a look at our Structural Insurance Overview & Benefits page here.