Warranties or guarantees are a standard part of purchases nowadays and they cover many different areas. These are common practice for tangible goods such as washing machines or dishwashers, but they also extend to services and building work carried out in the home. Contractors or builders who are part of Competent Person Schemes will provide customers with a written guarantee when undertaking a project to provide details of the work, what is covered by the guarantee and how long they will be covered for.
However, this can cause some issues if something happens to the contractor, such as them changing careers or retiring. And this is where the real protection of an Insurance Backed Guarantee is needed.
What are the benefits of an Insurance Backed Guarantee?
· Full protection on home improvement projects
Insurance Backed Guarantees provide homeowners with complete reassurance that their project will be fully covered if anything happens to the company carrying out works on their home.
When you have work carried out on your home you will usually get a written guarantee, but an Insurance Backed Guarantee takes the level of protection for the customer to the next level and makes sure all bases are covered.
· Insurance payments paid for by the contractor
Customers will not have to pay a penny for an Insurance Backed Guarantee as these costs are covered by the installer working on the job. No payment is expected from the customer and payment is required prior to the policy being issued, meaning the costs are completely covered before you are issued with your policy.
· The guarantee can be transferrable to a new homeowner
If you are looking to sell your property and your works are still under guarantee, there is the possibility to pass on the Insurance Backed Guarantee to the new homeowner.
The policy will only be transferrable if the installer’s written guarantee is. If it is, then the benefits will be transferred to the new homeowners, whether that’s someone moving into your old property or if you are moving into a new one. There may be a small admin charge for the transfer – for more details head to the ‘Transferability’ section of your policy to see the full conditions.
· Insurance Backed Guarantees cover all home improvements
An Insurance Backed Guarantee from QANW is available on a wide range of home improvement projects, including:
- General Building – such as a porch or new extension on your home
- Damp / Timber Treatments
- Double Glazing - including windows, doors and bi-fold doors in PVCu, timber and aluminium
- Central Heating
- Renewable Products – such as solar PV, solar thermal, heat pumps and biomass heating
Whatever changes you want to make to your property, you can benefit from an Insurance Backed Guarantee to give you full protection on the investment you are making to improve your property.
How do I get an Insurance Backed Guarantee?
It’s so easy to get an Insurance Backed Guarantee for your home improvement investment.
Simply ask your contractor if they offer an Insurance Backed Guarantee before you book in to work with them, then check if it is from a UK Authorised Insurer, which can be done via the Financial Services Register. When the work is done, the contractor will register the work directly with us, and we will send you your Insurance Backed Guarantee policy.
Find a contractor who guarantees your protection
If you are carrying out home improvement works and want to be sure that you will have the full protection of an IBG, choose a QANW member. You can use our helpful members search to find a QANW contractor in your area.
If you have any more queries about the benefits of Insurance Backed Guarantees, then visit the FAQs section of our Homeowner Hub online or check out our blog.