What is Retrospective Insurance?
Retrospective insurance was specifically created to guarantee that vendors in this particular position can sell their properties easily and efficiently. Prior to the insurance being issued, a full structural survey has to be undertaken so that existing problems can either be corrected or excluded from the policy. Works which were undertaken before your policy started, however, will be covered by retrospective insurance – it extends cover back to a specified date, known as the “retroactive/retrospective date”. The date will be noted on your schedule should you need to claim on it.
What does retrospective insurance cover?
Unfortunately, it’s not quite like going back in time and fixing every little mistake in your property before it happened. In general, coverage for these policies is quite limited, as the insurance is mainly for serious defects in your home such as rain infiltration, drain issues, subsidence or similar. More low-level problems like ill-fitting doors or creaky floorboards aren’t generally included.
Certain items, like superficial roof damage and double-glazing issues, are optional where coverage is concerned – so as with any insurance policy, always make sure you’re reading the fine print. The more things you want to include in the policy, the more costly it will be.
Retrospective structural defects warranties are completely transferrable to any new owners of the property over a 10-year period, as the certificate is attached to the home rather than the person who takes out the insurance.
Why choose Advantage
✓Free Technical Support
✓Fast Quote, Fast Cover
How can you get a retrospective structural defects warranty?
There are a number of steps you need to take before securing retrospective insurance cover:
- Contact a structural defects warranty specialist such as Advantage, and request a completed housing quote
- Review the quotation provided
- Pay applicable survey fees and deposit premium
- Have a full plan/specification check and subsequent survey undertaken (existing defects will be noted and either corrected or excluded from cover)
Following completion of all of the above, your retrospective insurance policy will be issued. Advantage’s dedicated expert team will guide you through each stage of the process, ensuring you have a thorough understanding of your policy and are issued it in a hassle-free, speedy manner.
Our policies include:
- Professional fees
- Demolition costs
- Remedial work
- Moving and storing
- Alternative accommodations
- Developer insolvency
- Land contamination
- Major damage
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