Structural Damage Insurance: Who Qualifies and What You Get
Learn how structural damage insurance provides long-term protection for major renovations and the key timing requirement to ensure you are covered.
This insurance provides long-term protection against serious structural defects that may appear in a building after major renovation work is completed.
Who it's for
This scheme is for property owners who are undertaking major renovation projects on their buildings.
What you get
You receive coverage for structural defects for a period of 10 years. This is designed to protect the integrity of the building and the investment made during renovations.
What it costs you
You must pay a one-time premium to secure the coverage. The specific cost is calculated based on the total value of the renovation work being performed.
The catch to know
The most important thing to remember is that you must arrange this insurance before you begin any construction work. If you start your project before the policy is in place, you may not be covered.
How to apply
- Calculate the total estimated value of your planned renovation work.
- Contact a private provider to request a quote for the required coverage.
- Secure the insurance policy and confirm it is active.
- Begin your construction and renovation work.