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HomeSector InsightsReal EstateWhat does a Social Housing Warranty Cover?

What does a Social Housing Warranty Cover?

As you may know, there are a wide variety of complexities involved in a social housing development project. Unfortunately, it’s not as simple as putting a plan together, setting up the right funding and everything else falls into place during construction.

You must ensure all financial planning and building management is in order. Social housing developments often involve many stakeholders and investors, and you’ll need to make sure they’re confident that their investments are protected throughout the project.

You can do this by obtaining a social housing warranty. As a developer, your main aim is to ensure the project you’ve been planning comes to fruition and is completed not only to the standards you expect but on time.

However, for investors, their main concern is where their money is going and how protected their investment is. By obtaining a social housing warranty from a company like ABC+ Warranty, you can offer them the peace of mind they seek and ensure your plans are completed.

Social Housing Warranty Coverage

So, what exactly is covered by a social housing warranty?

While policy details can vary based on individual circumstances and contracts, a social housing warranty typically features the following two provisions:

Transferability – A social housing warranty coverage is assignable which allows for a no-risk transfer to new landlords or tenants throughout its duration (typically from years three to 10 or 12, depending on the length of coverage).
Structural Element Coverage – The warranty offers coverage for a full or partial reconstruction if there are serious structural issues discovered.

A social housing warranty helps to safeguard social housing schemes by ensuring the properties are safe for occupancy while eliminating any liability risks associated with structural defects.

Coverage also includes regular inspections from surveyors who will be on-site at key stages of the building process, ensuring the property adheres to certain standards, both in terms of safety and Building Regulations.

There are also parts of a social housing warranty that you can tweak to suit your preferences, including the term length. You can choose from a 10-year or a 12-year warranty and can also benefit from a one or two-year contractor liability period, which holds them liable for any structural issues that arise in the first couple of years after completion. This offers your investors peace of mind as well as care for residents after moving in.

A social housing warranty can also offer cover for the final repair of the property should something unforeseen happen to the builders, such as ill health, death or ceasing to trade.

There is also a level of additional cover offered to residents and homeowners, like offering alternative accommodation while building restructuring work is completed, as well as the removal of debris.

Choosing the Right Social Housing Warranty

If you’re in the process of developing social housing, whether it’s new buildings or regenerating existing ones, you should obtain a social housing warranty.

There are many companies available to offer quotes, such as ABC+ Warranty, who can also offer expert guidance and support throughout the entire process. Show potential investors that your project can be trusted and funded by obtaining a social housing warranty as soon as possible.

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