How To Choose Your Guarantee Insurance Company

Mishaps are not uncommon in home construction projects. Even the smallest renovation and even simple repair problems could end up becoming quite the headache. This is not only limited to paying for premium labour and material costs. In some cases, the “mishaps” tend to occur after the home building, renovation, or repair project has been done.

As you may well know, most building and repair jobs will come with guarantees, which your builder or contractor provides as a way of ensuring you that their work will last for a certain period; the best works generally promise a lifetime guarantee.

Unfortunately, some contractors fail to honour such guarantees because of insolvency, death or disappearance, or other issues leading to the closure of the business — and with it, the “disappearance” of your guarantee, which means you would have to pay for another service should the work require redoing in the future.

A guarantee insurance company can resolve that problem, giving you peace of mind that no matter what happens to the contractor, your repaired roof, newly converted loft, or recently double glazed windows, they will be taken care of when the need arises.

In order to ensure this favourable scenario, you will need to choose a suitable guarantee insurance provider. The provider should be approved or certified by relevant organisations, from financial commissions to contractor associations. Affiliations to such organisations indicate the insurance company’s legitimacy in the industry.

Make sure your insurance company offers sufficient protection; ideally, you’ll want to get a guarantee of 10 years. This kind of guarantee should also help you sell your property down the line, as some buyers may want assurance that the existing structures will last for a long time and have some type of protection.

For homeowners, choosing the insurance company may well start with choosing builders and tradesmen who are part of a home guarantee network. This means that the builder or trader you hire will already have a substantial policy for guarantees and even for deposit protection. Deposit protection may also be a crucial investment in that it secures your deposit in the event that the contractor fails to start or finish the job. This may occur more often than you think.

For builders and tradesmen, registering with the appropriate home guarantee network gives their businesses an edge over competitors. Naturally, clients would prefer to hire contractors that have every bit of protection. This indicates a commitment to the construction, repair, or renovation project that may come their way.