What Are Building Warranties, Who Needs Them And Why?

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<h1>What Are Building Warranties, Who Needs Them And Why?</h1><strong> Author: <a href='http://www.articleseen.com/profile_rmacd1985.aspx'>rmacd1985</a></strong><br /><p>Building warranties are insurance policies that provide the residential home or commercial building with a 10 year (12 in some instances) structural defects guarantee in the event of building failure. A building warranty is also known as a Latent Defects policy. All the mainstream mortgage lenders require a structural building warranty to be available when a property is sold at less than 10 years old. The building warranty market has always been confusing and up until relatively recently, there has been very little choice for house builders and developers requiring structural building warranties. This is now not the case and there are a number of different policies to choose from. Some standard building warranty products include: New housing warranty Completed housing warranty Self build warranty Social housing warranty LPA receivers warranty Commercial property warranty Some standard examples of when you might use are building warranty are: New Home - If you are building 20 new homes on a greenfield site or if you’re converting an existing mill into 10 new flats, regardless of your years of experience, professional team or size of company, each and every property will need a separate warranty. Self Build Warranty - Mr. and Mrs. Smith buy a building plot and intend to build a new family home for their own occupation. They will require a 10 year Structural Warranty to satisfy their mortgage lender, provide them with peace of mind, and in the event of a sale, a new purchaser will expect the balance of a 10 year Structural Warranty to be available. Completed Housing - If you built a block of 8 flats 4 years ago and are now intending to sell, a structural warranty is required by mortgage lenders who are providing finance to each new purchaser. Or, if you decide to refinance your existing loan with another mortgage provider, that lender will require a structural warranty. If you would like to find out more about a building or home warranty then please contact Evolution Insurance. Evolution Insurance specialise in providing home and building warranties for builders and home owners. Evolution offer a range of 10 year building warranty insurance solutions available to protect against property structural defects. </p><strong>About the Author:</strong><br /><a rel="nofollow" href="http://www.BUILDINGWARRANTIES.com">Building Warranties</a> <p> Article Source: <a href='http://www.articleseen.com/Article_What-Are-Building-Warranties-Who-Needs-Them-And-Why_71313.aspx'> http://www.articleseen.com/Article_What Are Building Warranties, Who Needs Them And Why?_71313.aspx</a></p>

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