Hidden defects insurance

No one is suggesting that vendors make a habit of deliberately trying to disguise a fault or problem. Nor do surveyors and Home Condition Inspectors go round with their eyes closed. But sometimes the unexpected happens, and when it does it can be very, very expensive.

Surehome offers an insurance scheme for homes built after 1850 providing up to £100,000 cover to make good any hidden defects found up to 12 months after the date of exchange of contracts.

Surehome's Hidden Defects Insurance provides peace of mind for prospective buyers and can really help you differentiate the survey option within your Home Information Pack from your competitors.

The policy is subject to the property having undergone a Homebuyer's Survey or Home Condition Report and covers the cost of rectification of defects that were present at the time of the survey but were not mentioned or were missed in the survey report.

Buyers will be comforted to know that major items such as foundations, walls, ceilings, roofs and floors needing remedial action as a result of progressive faults or faulty workmanship and not covered by Building Insurance, are protected by the Surehome Hidden Defects Insurance Policy.

The policy, which is underwritten by Allianz Insurance one of the UK's largest and most respected insurance companies, covers the cost of rectifying the defect and any damage to the home caused by the defect up to a value of £100,000 plus any temporary accommodation needed up to the value of £20,000.

Surehome's Hidden Defects Insurance provides real value to the vendor and peace of mind to the buyer. Whether offered as standard within your Home Information Pack or as an optional extra, marketing a home with this policy will not only help the home stand out against others, it is more likely to attract a price premium and will help make it sell more quickly.

Surehome Hidden Defects Insurance - The Policy

Policy costs

Homes built after 1850 and pre 1900 £105* (excess applies)
Homes built after 1900 £105**
Homes built after 1970 £52.50**

Scheme Operation

This is a summary of the Surehome Hidden Defects Insurance, full details of the Insurance Policy are available on request from Allison & Partners, Insurance Services, Fullbridge House, Fullbridge, Maldon, Essex CM9 4NX Telephone 01621 841991 email: info@allisonandpartners.co.uk.

1. To be eligible for a Surehome Hidden Defects Insurance a property must be:

a) Of Standard Construction (which means that at least 70% of the roof service is slate, tile, metal, concrete or asphalt/felt on timber and at least 50% of the walls are built of brick, stone, concrete, metal or tile),

b) Built AFTER 1850,

c) NOT within a block of flats with more than 6 storeys,

d) NOT a detached garage or temporary outbuilding.

2. The cover provided by the Insurance Policy is as follows:

a) The cost, up to £100,000, of rectifying defects in the load bearing structure of a property for 12 months following the Insurance Policy inception date,

b) Up to 20% of the amount paid under the cover above to pay for alternative accommodation while repairs are completed to your main residence,

c) Professional Fees reasonably incurred in the context of the above claim,

d) Reinstatement of non load bearing structural parts of a property that are damaged as a result of the above claim (up to 25% of the total claim cost and within the £100,000 limit).

3. The Insurance Policy excludes damage caused by perils such as fire, climatic events, theft, accidents, subsidence, wear and tear, pollution and contamination (see the Insurance Policy for full details).

4. The cover described above will ONLY be provided if any defect (or associated further investigation) is NOT referred to in a report following a Homebuyers Survey or structural survey (for these purposes a Lenders Valuation is NOT classified as a survey.

*£2500 excess applies
** £500 excess applies

This policy is underwritten by Allianz Insurance, which is authorised and regulated by the Financial Services Authority.

The policy is managed by Allison & Partners, a trading style of Plexstar Insurance Services Ltd, which is authorised and regulated by the Financial Services Authority

Allison & Partners, Insurance Services, Fullbridge House, Fullbridge, Maldon, Essex CM9 4NX. Telephone 01621 841991 Email: info@allisonandpartners.co.uk