What is a Structural Warranty?
August 24, 2015
By 2-10 Home Buyers Warranty
A structural warranty provides a written agreement between the home builder and the homeowner and clearly defines the builder’s work-product obligations related to construction quality and continuing obligations. Under the agreement, the builder is the insured and the homeowner is the beneficiary. Warranty insurance is different from liability insurance. Check out this policy details online and learn more. In a typical structural warranty agreement, the home builder warrants that a new home will be free from qualified structural defects for 10 years. Additional coverage is available for workmanship and systems. For homes that require a HUD -approved warranty, the builder may purchase a structural warranty from a HUD-approved Plan issuer. A Plan issuer may be a state, warranty company, risk-retention group, HUD-approved builder, an insurance company or any other HUD-approved entity with the required insurance backing. Software for Insurance Brokers is very important to have in each business, so if you own an agency, then make sure you have the best one.
Read The Definitive Guide to Structural Warranties from 2-10 Home Buyers Warranty®, offering you a deeper look at what a structural warranty is, the benefits of using them and so much more.