Structural Warranty provider Premier Guarantee has reported a significant increase in new home orders following the industry-wide coronavirus lockdown in spring.
Orders for new homes jumped 54% in the third quarter of 2020 (June to September) following a challenging second quarter when, according to a recent report in Housebuilder magazine, the number of new home registrations halved compared to the same period in 2019*.
And despite the latest Covid restrictions in England, quotes for Premier Guarantee warranty cover doubled in the third quarter compared to 2019 and increased by 42% in October, continuing the upward trend.
Premier Guarantee is working on site throughout the latest restrictions in England with more than a thousand site visits and inspections taking place per week, while support services are being delivered fully by remote teams and also remain unaffected.
Gary Devaney, CEO of Premier Guarantee, said while the second quarter of 2020 had been challenging, the business continued to invest in customer service, including an online reporting dashboard for builders and developers, and new technology for recording on-site construction data.
In July, Premier Guarantee added a new insurer to its A-rated panel. HSB is a leading specialist provider of engineering and technology insurance. With an AM Best rating of A++ (Superior) and part of the global HSB Group, HSB specialises in construction and equipment breakdown covers in the UK, which includes experience in Latent Defects and Machinery Inherent Defects insurance.
Gary said: “Premier Guarantee has responded strongly to the industry lockdown earlier this year, first by strengthening our insurer panel with the addition of HSB and then by increasing business through the autumn months.
“With our online reporting and warranty management platform for customers, and exciting new products and services also in the pipeline, we are heading towards 2021 in a strong position despite all the hurdles the home building sector has faced this year.”
Established for more than 20 years, Premier Guarantee provides construction-related warranty and latent defect cover for homebuilders and developers and boasts one of largest national networks of risk management surveyors in the UK.
It works across the UK on projects ranging from low rise housing developments to high rise residential and commercial projects. Tailored policies cover different tenure types, including outright sale, private rental, commercial and social housing.
*”New home registrations down 30%” - https://www.house-builder.co.uk/news/new-home-registrations-down-30-nhbc/