New build home insurance
When you move into a new build home it will be exactly that: new. This means that not only will it look fantastic, it will also have been built to new building standards and requirements which ensure it will be much more energy efficient and cheaper to run.
You’ll also have the added peace of mind provided by the National House Building Council (NHBC) Warranty which covers the structure of your home for 10 years and any fixtures and fittings for two.
But that doesn’t mean you shouldn’t also take out your own buildings and contents insurance to make sure you’re fully covered for all eventualities. Here we’ll run through buildings and contents as well as the NHBC Warranty.
Buildings and contents cover
There are two types of home insurance: buildings insurance and contents insurance. You’re required to have buildings insurance as a condition of securing a mortgage, but it’s advisable to have both. With leasehold properties the buildings insurance may be covered by a management company, so you’ll need to check on this when you first make an offer.
There is no specific new build home insurance, you’ll just need standard buildings and contents policies.
If you’ll be using a mortgage to purchase your home, your mortgage provider will insist on seeing evidence of your buildings insurance before you complete. This protects the structure of your home and the permanent fixtures and fittings.
Contents cover protects everything else, the personal items you’d take with you if you moved home, your clothing, jewellery, furniture and gadgets.
The majority of new build properties come with a 10-year Buildmark warranty and insurance. This gives you a 10 year structural warranty and a 2 year fixtures and fittings warranty, and also means that the home has been constructed according to the standards defined by the NHBC.
This means that any defect or fault that you report within the first two years of moving in, big or small, should be covered by your warranty and will be remedied by your new home builder. Once this two year period has elapsed you’ll be covered for any issues that relate to the property’s structure and weatherproofing.
The likelihood of something going wrong in your home might be small, but for full protection and peace of mind, it’s advisable to have appropriate buildings and contents cover in place as well as your 10-year Buildmark warranty and insurance. They protect different things so for instance, a Buildmark warranty would cover a defect in your kitchen worktop while your home insurance would cover any accidental damage.
With the right cover in place you can enjoy your new property from the minute you call it home.