If you’re a Virginia home builder who’s on the fence about purchasing structural warranty coverage for new home builds, it’ll be worth your while to spend some time learning more about this type of coverage. Here are 6 reasons structural warranty coverage makes sense for the homes you build.
1. Not all soils are created equal
Any builder who has been building long enough knows that bad soils can make or break a foundation. Sometimes, you won’t know that there was an issue with the soil until problems have already started.
More than 80% of all structural defects are caused by soil movement under the foundation, making poor soils the leading cause of home foundation issues and failures. If you follow all of the best practices for building foundations and still run into trouble, a structural warranty will cover the costs of repairs.
2. Many Virginia homes have walk-out basements
Stable foundations are important for all homes, but homes with basements have additional considerations. Moisture control is another leading cause of structural problems within a home, and anyone who’s ever endured a damp, musty basement knows how common this problem can be.
3. You’ll have access to experts with Virginia-specific knowledge
When you purchase a structural warranty from a company with ties to the Home Builders Association of Virginia, you can trust that you’ll have access to experts in residential construction.
If you have a question about a region’s soil, for example, you’ll know who to ask.
4. Structural warranties cover more than foundations
A structural warranty covers three important parts of building a home, leaving you protected in several different ways:
- 1 year for workmanship defects
- 2 years for systems defects (like issues with the HVAC system, roof or plumbing)
- 10 years for structural defects (specific types of structural defects that result in physical damage to load-bearing elements of a home, which in turn result in failure of the home’s load-bearing function to the extent that a home becomes unsafe, unsanitary or otherwise unlivable.)
5. Buyers prefer purchasing homes with structural warranties
Purchasing a home is a big deal, and buyers want to feel protected in their investment. One study found that 94% of prospective home buyers said they would be more likely to purchase a home from a builder who offers a structural warranty.
6. Structural warranties make it easier to do business
Structural warranty coverage isn’t just about protecting homes and their foundations. The coverage is also designed to make running your business easier, especially from the customer side. Structural warranties also:
- Simplify complaint and question handling. Handling homeowner complaints and fielding questions can be time consuming and often stressful. When you have a structural warranty, however, the warranty company handles those inquiries.
- Educate homebuyers. Many new homeowners don’t know how to properly maintain their homes, which can lead to problems down the road. A quality structural warranty company will educate buyers on the importance of maintenance, clearly outlining their responsibilities, because warranty coverage doesn’t cover negligence.
Structural Warranties can protect builders and their buyers from devastating structural problems. But, maybe even more importantly, they give homeowners that all-too-important peace of mind that when something goes wrong, they’re covered. Become a member today!