Are you about to take the plunge of a new construction and are afraid of the probable structural defects after years of completion? If yes, cover in the form of structural warranty can ease up your worries.
If you’re a newbie in this and
doesn’t know anything about the gamesmanship of structural warranties here’s an
intro. A structural warranty is an insurance policy that is usually purchased
by developers to protect the homeowner from structural damages. This policy
provides coverage against major defects and usually remains valid for a period
of 10 or 12 years. The coverage is forced from the date of the building
completion and any building which is new built or is recently converted is
considerable.
So, if you’re confused how you
should go about obtaining this structural warranty or how it may be necessary
in your course of business; here’s a definite guide.
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Structural Warranty - Everything you need to know |
How Structural Warranty Coverage covers you?
While buying a new house, these structuralwarranties will give you the confidence, comfort and security of being able to
stay focused on what you are craving for. On similar lines, if you’re a
builder, these warranties will not only relieve you from your financial
liability but will also enhance your reputation and value proposition with home
buyers. Mortgage lenders also rely heavily upon structural warranty before
releasing funds or approving the same for new constructions.
Many industry-leading structural warranty providers are
offering valuable protection and coverage for the builders and homeowners against
expected structural damages and defects. They cover all types of properties
whether it’s a newly built or a converted one, from dwelling or mixed
development scheme to house associations to self-builders. Structural warranty may
include coverage for home’s workmanship, load-bearing components along with
allied structural and distribution systems as explained below.
What is included in structural warranty?
In a recommended situation, the warranty plan issuer is
hired prior to the commencement of actual field work to inspect right from the
start. In such situation their quote is relatively cheaper in contrast to the
situation when they are appointed part way through the project works. It is
because in such situation the issuer doesn’t have the chance to inspect key
areas of construction work i.e. they’re covering more risk in such a situation.
In a typical
situation and agreement between home builder and owner, the builder warrants
the construction quality and ensures that the home will be free from qualified
structural defects for typical 10 years. The purchaser may request additional
coverage for workmanship and systems while the quote is adjusted accordingly.
Workmanship
For any of the home functional components to work
efficiently, quality workmanship is crucial. It ensures compliance to the
standards applicable to the finishes, materials, and components of your home. Workmanship
defines how well all these parts are made together and how well they are worked
through.
Load Bearing Elements
All the load bearing walls and partitions are important
structural components ensuring proper load distribution from superstructure to
the footing. So, in structural warranties such load-bearing elements are well
covered. The companies will look into the loading criteria and design loads
before accepting the coverage in order to ensure that the load-bearing walls that support the floors
above and the attic’s weight are also covered. Note that improper loading over
the design criteria for which that portion of the house was intended will not
be covered.
Footing & Foundation System
The foundation of your home is to be structurally sound in
order to transfer the imposed and dead load from the building to the underneath
soil. The designers use the strength and compressibility of the underneath soil
to determine the type and size of the foundation. The foundations are designed
to bear the loading in a way to avoid shear failure and differential
settlement. The structural warranty issuer will fully assess the efficiency and
effectiveness of the foundation and the workmanship with which it is
constructed.
Roof Framing Systems
Roof framing system supports load bearing elements including
joists and beams. The insurance issuer are more interested in evaluating the
installation and design quality of the roofing system to ensure it won’t have
any major troubles down the coming years.
The bottom Line
As a builder, your reputation is crucial and has to be taken
seriously in such a harsh competition. With structural warranty you are
elevating the trust of home buyers and home owners in the form of validation of
the quality of work. It’s like a reliable promise that will help home buyers to
ease off their worries and concerns and they’ll know they’re buying from a
trusted builder.
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