Everyone deserves a safe and secure place to call home. This is especially true for tenants in social housing, where reliable and well-maintained accommodation is absolutely crucial.
A social housing warranty plays a vital role in achieving this goal by offering protection for tenants and social housing providers. Here, CIR outlines the advantages of a social housing structural warranty.
What is social housing?
Social housing is a type of housing provided by the government or housing associations at below-market rents to people who cannot afford to rent or buy on the open market.
It’s a crucial part of the UK’s housing systems, aiming to provide affordable and secure homes for those in need.
Characteristics of social housing
- Affordability: Rents are significantly lower than market rates for greater accessibility.
- Security: Tenants are protected from eviction unless a serious breach of tenancy agreement.
- Eligibility: Prioritised for those in housing crisis, low-income families, people with disabilities.
- Providers: Social housing is usually provided by housing associations or local councils.
Types of social housing
While the term “social housing” often refers to social rented housing in its purest sense, it can also encompass a range of other affordable options that fall under this category, such as:
- Affordable rent: Rents are capped at a maximum of 80% of market rent.
- Shared ownership: Allows people to part-own or part-renting a home.
- Supported housing: For people with specific needs, such as the elderly or those with disabilities.
What is a social housing warranty?
A social housing warranty is the equivalent of a safety net. This type of insurance policy is specifically designed for social housing projects, safeguarding against hidden defects (in other words, problems that may not be immediately apparent) in newly built social housing units and mixed-use projects.
How long does a social housing warranty last?
A social housing structural warranty from CIR covers the property for a period of 10-12 years, focusing on major structural issues that could compromise the building’s integrity.
Our policies offer a partial or full rebuild of structurally compromised elements and are fully transferable throughout their duration.
What are the benefits of a social housing warranty?
Whether you’re a tenant or a social housing provider, a social housing warranty from CIR offers several distinct advantages, including the following:
Tenants
Tenants in receipt of a social housing warranty from CIR gain the peace of mind in knowing that their home is structurally sound and protected against unexpected repair costs due to hidden defects. It also offers a sense of security knowing that the property was built to the highest standards.
Social Housing Providers
A social housing structural warranty policy from CIR demonstrates the developer’s commitment to providing quality housing for social housing tenants.
Not only does it safeguard tenant safety and welfare, it also protects investor funds, encouraging future investment and increasing the value of completed projects.
Who can benefit from a social housing warranty?
A social housing warranty offers mutually beneficial protection for everyone involved:
- Social housing tenants: This warranty ensures you have a safe and secure place to live.
- Housing associations: Protects your finances and promotes tenant satisfaction.
- Local authorities: Demonstrates your commitment to high-quality social housing.
Why choose a CIR social housing warranty?
“CIR has been providing specialised 10 and 12-year structural warranties for several years,” said Oliver Griffiths, Divisional Director at CIR. “However, we’re acutely aware that the financial, practical and regulatory complexities of social housing projects calls for a highly specialised warranty product.
“Underwritten by specialist insurers, our social housing structural warranty policies are carefully designed to, first and foremost, protect the safety and wellbeing of social housing tenants. In doing so, they provide stakeholders and investors with much-needed peace of mind at every step of the project.
“Furthermore, a social housing structural warranty from CIR demonstrates a commitment to the highest quality building standards. This can help to unlock funding streams for future social housing projects and enhance the value of completed social housing units and mixed-use projects,” he added.
Social housing warranty: a powerful layer of security
A social housing warranty offers a powerful layer of security for both tenants and social housing providers.
It fosters peace of mind and reputational security for developers, protects multi-agency stakeholders against financial burdens, and ensures a higher standard of living for residents.
Consider incorporating a social housing warranty into your next social housing project for a safer, more secure and sustainable future.
For more information about CIR’s social housing warranties, or to discuss your project requirements in more detail, please contact us today on 0800 059 0150.
