As a developer, you’ll already be aware of the importance of ensuring that the right property developer insurance is in place for every project you are involved in. Having an appropriate level of cover in place is essential when it comes to selling the property on, so that the buyer can find a lender willing to offer a mortgage on it.
However, one area that often doesn’t receive much consideration is who you should ask to provide that property developer insurance policy. We look at why it matters.
Choosing property developer insurance
When looking at any kind of structural warranty, such as those taken out by property developers, it’s important to note that all policies don’t always offer the same level of cover. It’s not necessarily a matter of some policies being better or worse than others, it’s more that specific construction projects might be better suited to some than others. Some of the areas you need to consider when looking at your options for property developer insurance include:
· The policy excess
· Whether water ingress is included or excluded from the cover
· The financial limit for the property or an overall policy limit
· Whether the policy includes a defects period
Using a property developer insurance firm that has significant experience in the construction industry can be a great way to help ensure that you get the right policy options and level of cover included for your specific project, to provide peace of mind and confidence for your buyer once the project is completed.
At Advantage, our team has a combined 85+ years of experience in structural insurance, with more than £6b in insured risks to date.
If you want a quote for your project, use our online form to contact us and we can offer a personalised service so that you get the right cover for your project.