Building Safety Bill: How does this affect my insurance?

A new bill has been introduced to give residents and homeowners more rights, powers and protections to make homes across the country safer.

The Building Safety Bill was introduced in the House of Commons on 5 July 2021 in what is being hailed as ground-breaking reforms.

These reforms will overhaul regulations, creating lasting generational change, setting out a clear pathway on how residential buildings should be constructed,  maintained and made safe.

It will also set out the framework to improve compliance and bring in tougher penalties for those who break the rules and mandates for developers to belong to a New Homes Ombudsman scheme.

For homeowners, the reforms mean they have 15 years  to claim compensation for sub-standard construction work and can apply retrospectively.

The most significant change is for building owners, who will be now required to manage safety risks in regards to safety during design, construction, completion and occupation of high-rise buildings.

Building owners will also be required to keep detailed information regarding safety at every stage of the lifetime of the building, starting from the earliest stages of planning.

They will also need to demonstrate that they have put adequate measures in place to manage safety risks.

The results of failing to follow the bill’s new rules will mean criminal charges could be given.

As a building owner, have you taken into account the new rules in your current insurance policy?

Speak to us today and discuss your current property or one that is under construction so we can help provide you with a comprehensive insurance policy tailored to your requirements.

You can contact us by emailing info@lwood.co.uk or by giving us a call on 01274 515747.