August 24, 2022
Whether it’s a new construction or renovation of an old structure, it has to be duly insured for latent defects. Insuring a building isn’t legally binding but it has far reaching affects on the retail and rental value of the property.
If the edifice shows construction defects, you can claim compensation for the defects. In this way, you can ensure that your investment remains safe from latent defects. If you think that your edifice or construction would show no defect then you are over confident on your construction.
Buyers would take interest in your property, if it is insured but on one would take your words as insurance that the property would show no defects. When you would want to mortgage your property, your mortgage company would want you to first insure your property for latent defects.
These are two advantages of insuring a property. If you are a property owner and your property hasn’t been insured for latent defects then you should insure it today. See how you can insure your property.
Find insurers that provide building insurance and obtain building warranties quote from every insurer. The insurers would provide you an approximate quote for their policies. Compare the price quoted by different insurers and choose one that offers cost effective and comprehensive insurance.
Negotiate insurance with your insurer and get a warranty certificate after buying insurance. The certificate would show that your property is duly insured for latent defects. You would need the certificate when selling, leasing or mortgaging your property.
Your insurer would want you to provide complete details of the property. The insurer would visit the property to determine its construction and anticipate the defects that it might show in future. The insurer would calculate the price on basis of its findings. It’s a lengthy process as it has many steps starting from providing property details to the insurer.
Amount you would invest in buying latent defect policy would help you if your property shows defects. The insurance cover would be provided for ten years after which you can again ask for insurance. For most people, insurance is an unnecessary expenditure but they understand value of insurance when they face difficulties with their properties.
Start your building insurance process today by getting building warranties quote from insurers. There are many insurers that you need to visit and there are many options that you need to explore.