Increase in new home structural warranties quotes despite pandemic

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new home structural warranties

Premier Guarantee saw a significant increase in new home structural warranties quotes in the last quarter of 2020 despite a difficult year for the construction industry

Quotes for new home structural warranties rose 71% in comparison with 2019’s Q4 period. This followed an upward trend of quotes for our warranty cover after the first lockdown restrictions were eased back in the summer.

Premier Guarantee saw momentum build during the summer months (Q3) with an increase of 119% in the number of quotes accepted compared to the second quarter of 2020, which was affected by lockdown restrictions.

Quotes for warranty cover were up by 123% in the last quarter of 2020 compared to the lockdown period of Q2.

The structural warranty providers quickly adapted to the pandemic by adopting remote inspections and rolling out an online reporting platform for builders and developers, as well as employing new technology to record on-site construction data.

Throughout this latest lockdown, Premier Guarantee continues to support its customers. Surveyors are working on site with growing impetus as the deadlines of the Help to Buy scheme and stamp duty holiday approach.

‘Supporting customers in innovative ways’

Gary Devaney, CEO of Premier Guarantee, said that despite an unprecedented 2020, the business is on track.

“Considering the challenges the sector has faced, we are pleased with the progress we are making.

“We are starting 2021 in a strong position with new products and services in the pipeline and we are continuing to support our customers in innovative ways.”

 

*This article was originally published on: www.premierguarantee.co.uk.

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