Do problem-free renovations exist? Is there an easy way to get home repairs? Can you get more affordable quotes from topnotch contractors?
Many questions surround building and renovation projects. But the foremost question that tends to get neglected is this: What happens when the contractor fails to finish the job and ceases to operate?
For homeowners who may not have the most significant budgets and for investors who need to make the most of their capital, construction projects, renovations, and repairs cannot commence without the appropriate safeguard. And that safeguard is the guarantee protection insurance.
Guarantee protection is a necessity both for the client and for the contractor involved in the project. It is a necessary insurance because:
- It gives the client peace of mind when hiring a contractor;
- It allows builders and tradesmen the opportunity to market their business effectively, giving them an edge over contractors that do not offer guarantee protection;
- It protects consumers from businesses that may not be operating accordingly, and
- It prevents future problems that force clients to shell out more money when the finished work suddenly fails.
- When homeowners or property investors hire contractors that offer guarantee protection, it covers any project under a certain value when the business suddenly folds due to death, suspended license, bankruptcy, and any other reason.
- Some contractors may even close the business because of early retirement and the 10- or so-year guarantee that was promised for your kitchen or conservatory will be of no use.
So even if the contractor is unable to honour his promise, the guarantee is not going to be worthless because it is protected with the right insurance policy.
How does it work?
Procedures for claiming the insurance will vary with different guarantee insurance companies. Some companies may only require clients to fill out a simple document and the process will be underway. Ultimately, the objective is for the insurance company of the contractor to find another suitable contractor to do the job. Because the contractor has covered the guarantee protection, the client or the homeowner does not incur any out-of-pocket expense.
Renovations will come with problems. Some easy repairs will turn out to be more complicated than they appear at first. Sometimes, homeowners and property investors just have to pay a premium price for hiring the best contractors. But the most critical decision you need to make before choosing your contractor is to find one that offers guarantee protection. This way, no matter what happens during and after the job, your renovation, repair, or construction project is protected from future issues.