NHBC Buildmark 10-year Insurance for Residential Buildings. Any Impact of Installing Smart Home Devices?
Whether buying or renting a new property, you will inevitably encounter the issue relating to NHBC Buildmark Insurance. This insurance is essential to keep in mind because whether you are renting or buying a new property, there is a chance that you may want to carry out renovations.
About 80% of new homes in the UK come with NHBC (National House Building Council) 10-year insurance (Buildmark). This insurance is provided by property developers to homeowners, and if any structural issues arise during the coverage period, they will be covered by the insurance.
However, if during renovations, you accidentally damage the structural integrity of the new property, the insurance coverage may be affected. Buildmark can be divided into three parts:
1️⃣Before Completion The developer must follow the standards set by NHBC in constructing the building. If they are unable to finish the construction due to insufficient funds or fraud, they will need to refund the amount, which will be 10% of the original property purchase price.💸💸 2️⃣First Two Years After Completion During the first two years, the insurance will cover all repair costs for "structural" damage to the property caused by physical material damage or improper construction. Your boilers, electrical appliances, and fixed installations will also be covered by the manufacturer's warranty. 3️⃣Years 3 to 10 of Coverage After the first two years, NHBC is responsible for covering any structural damage to the property caused by improper construction during the coverage period. NHBC will provide insurance to pay for repairing specific areas of your property, including floors, stairs, roofs, doors, windows, foundations, walls, and underground drainage system. ⚠️However, if you cause "structural" damage to the property during the ten-year coverage period due to your own renovations or installation of additional items, such as
❌Human-induced damage to foundations, walls, exterior walls, curves, exterior walls (windows), roofs, roof tiles, ceilings, beams, chimneys and their pipes, stairs, floors, etc., ❌Natural disasters, such as fires or floods ❌Human accidents such as theft or loss causing internal damage to the property and furniture
These damages will not be covered by the insurance. Some customers may be concerned about whether using smart home system in a newly rented property will affect the Buildmark insurance coverage. The answer is: No worry!
Our smart energy-saving system will not modify the building structure or electrical wiring. The system is fully in compliance with UK building regulations. Even if you are temporarily renting a property, the system can be reinstalled in your new property and is completely transferable. If you want to know more about smart environmental protection and energy saving solution, please like & follow our FB and IG pages.
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