Alpha – a key structural defects insurance provider for UK homes – went into insolvency this week. This means that thousands of people’s structural defects insurance cover has come to an immediate end.
Unfortunately, no plans have been announced by those who issue policies under Alpha as to how customers can be protected going forward.
If you’ve found yourself on the receiving end of this bad news, we don’t want you to worry. In this blog, we’ll take you through what your next steps should be following the company’s collapse to ensure your home continues to be covered and safe from any future structural defects.
Check your insurer
If you’re not sure who you’re currently insured under, it’s paramount that you find out. Your home could currently be without cover which will leave you vulnerable to any number of structural defects.
Find an experienced carrier
Now, policyholders will have to take out fresh insurance that will need to last for the full length of their new-build home insurance – normally ten years.
With the fall-out from Alpha’s bankruptcy, a key takeaway is the absolute necessity of finding a carrier who is not only trusted and reputable, but with key industry experience from a property standpoint.
Should there come an instance where your home falls into physical damage, your insurer’s job is to shield you from excess and necessary costs which could prove detrimental – exactly what might happen to those who were insured with Alpha who don’t search for new insurance cover.
Do your homework
Make sure you protect yourself as much as possible by answering these questions before choosing your replacement insurance policy.
- Does the policy fit your requirements?
- Are you confident you have the right level of support for any eventuality?
- Does your insurance broker provide a dedicated relationship manager to ensure help and advice are always available?
- Is your chosen broker experienced in the property and construction sector?
- Is the insurance policy underwritten by a specialist property insurance provider?
- Can your broker commit to having your insurance certificate in place in time for completion?
Advantage is a structural defect insurance provider offering development-related insurances and services designed primarily to give you peace of mind – we understand that choosing the correct structural defects insurance can sometimes seem overwhelming.
Our policies are underwritten by industry-leading insurers and our staff have a wealth of experience with over 40 years in the construction industry offering a professional, experienced and reliable hand to those in need of our services.
Get in touch
If you’ve been affected by the downfall of Alpha or would like some more information regarding how to get your home reinsured under UK mortgage lender laws, get in touch with our expert team today and we’ll be able to advise you on your next steps. For more urgent enquiries please call us on 0845 900 3969.