Insurance For A New-Build Home

What you need to know

If you’re thinking of buying a new-build home, i.e. a brand new building that you’re the first to live in, chances are you have some questions around new-build home insurance.

To help answer some of those questions, here’s a rundown of some of the things all new-build owners should know about insuring their property:

new-build-1

Three reasons to have insurance for your new home:

1. It offers cover not provided with a Buildmark warranty

While your Buildmark warranty (see below) provides useful cover for any structural issues which stem back to the way your new home was built, it will not cover damage caused by events such as fire, flooding or subsidence.

2. You will be protected for the full value of rebuilding your property should the worst happen

Buildings insurance protects you for the rebuild cost of your home, rather than your home’s market value. It will cover issues relating to your roof, walls, ceilings, and floors, as well as fixtures and fittings, including doors and windows, your kitchen, and even built-in cupboards and bathroom suites.

3. Your investment is secured

The right buildings insurance policy will enable you to claim for damage caused by events such as storms, floods, subsidence, fires, gas explosions, vandalism, falling trees - or even a car hitting the building. 

new-build-2

Does your home have a Buildmark warranty?

Most new-build homes come with a warranty known as Buildmark, which is managed by the National House Building Council (NHBC), and is designed to offer you a certain degree of cover should something go wrong with your new-build home - for example, structural damage to your home in the first 3-10 years.

Buildmark is a 10-year agreement to protect your home, and the cover it offers is more comprehensive in the first 24 months after your purchase is complete. At this early stage, the builder of your home has a responsibility to fix a range of issues, such as problems with your guttering, faulty central heating, damage to your internal plastering, or any defects with your fixtures and fittings.

From the third year until it expires, Buildmark also offers protection against serious structural issues that may have been caused by incorrect building practices.

new-build-3

What type of cover is needed for my new home?

Buildings insurance

A buildings insurance policy should offer comprehensive cover - a variety of different covers are available, so it’s a good idea to look for a policy that best matches your needs.

Contents insurance

While protecting the building itself is undoubtedly important, don’t forget it’s the things inside that make it a home. Contents insurance should allow you to protect your possessions in the event that they are damaged, and can even allow you to add additional cover in the event of accidental damage. 

Find out more about buildings and contents insurance

Find out more about Home Insurance from Swinton...