Home Buyers

For most people, the purchase of a new home is the biggest investment they are likely to make. It is vital therefore that this asset is protected. HomeBond Insurance is not a luxury but an essential protection. HomeBond helps the Home Buyer protect their investment in a number of ways:

HomeBond Insurance, is structural defect insurance with deposit and stage payment cover for new homes.
Home Buyer publications.
Building Regulations Training Programme

Click here for Information on making a claim for a home registered on or before the 31st October 2008

HomeBond Insurance

Latent Defects Insurance + Mechanical & Electrical Inherent Defects Insurance

HomeBond Insurance Services Ltd. provide two 'first party' insurance policies for newly built homes, which offer unrivalled protection* for up to 10 years for the first home owner and subsequent owners too, in housing developments or individual homes on private sites. The insurance policies are underwritten by two of the world’s leading insurance companies and all valid claims that fall within the scope of the policies are dealt with by the underwriters.

Latent Defects Insurance

Underwritten by Allianz plc. with four elements of cover* for non-compliance in design, workmanship and/or materials of a functional requirement of the Building Regulations:

Structural Insurance - 10 years cover for the repair of major structural defects
Smoke Penetration / Water Ingress - 5 years cover for remedial work in the event of smoke penetration/ water ingress.
Physical Danger - 5 years cover for certain physical fire safety risks.
Damage –5 years cover where damage affects the use of a significant portion of the habitable areas for ordinary and reasonable residential purposes.

Deposit cover* is also provided for the first owner for the loss of money deposited for the construction or purchase of a new home.

Mechanical & Electrical Inherent Defects Insurance

Underwritten by HSB Engineering Insurance Ltd with 5 years cover* for actual or impending damage arising from faulty or defective design, workmanship or materials in new mechanical and electrical fixed service equipment comprising:

Space and/or water heating, ventilating and air conditioning systems.
Lifts and fixed mobility equipment.
Electrical distribution and lighting.
Building security and environmental control.
Water and waste processing.

*Limits and exclusions apply. The cover details given in this advertisement are a summary of the covers provided. Full terms and conditions and obligations are set out in the Policy Documents, the Dwelling Registration Proposal Form, and the Membership Rules.

Policy Limits

Policy Limits: Latent Defects Insurance

Financial Limits

The maximum We will pay for any claim inclusive of any investigative, defence, settlement or legal costs arising under the relevant Sections is:
Loss of Deposit (Section 1.1)

The amount of any deposit made by the Policyholder to a maximum of 10% of the agreed contract price for the Housing Unit.

This is subject to a limit of €30,000 for any one Housing Unit and an aggregate limit of €1,000,000 for any one Developer.

If it appears that the total claims anticipated and paid under Section 1.1 for any one Developer will exceed the limit of €1,000,000, We may, at our discretion, reduce individual claims from all affected Policyholders. This reduction will be calculated by the ratio of total claims to the Limit of Indemnity of €1,000,000 for any one Developer.
Defects Insurance (Section 1.2) – 5 years

€50,000 for any one Housing Unit or the rectification cost for the Housing Unit, whichever amount is less. The financial limit for all Housing Units in one Continuous Structure is €500,000.
Structural Insurance (Section 1.3) – 10 years

€200,000 for any one Housing Unit or the rectification cost for the Housing Unit, whichever amount is less. The financial limit for all Housing Units in one Continuous Structure is €2,000,000.
Indexation

The financial limits for Sections 1.2 and 1.3 are index linked in accordance with Condition 8 of the policy.
The policy excess

A policy excess of €650 applies in respect of each occurrence for which you make a claim under this policy.

Policy Limits: Mechanical & Electrical Inherent Defects Insurance

The limit of indemnity

Your policy provides cover for €50,000 in respect of each occurrence of damage or impending damage.
The policy excess

A policy excess of €650 applies in respect of each occurrence for which you make a claim under this policy. This is the amount that you are liable to pay and it will be deducted from the final settlement amount agreed by us.
Indexation

The limit of Indemnity and the excess will be increased in line with the House Building Cost Index prepared by the Department of the Environment Community and Local Government (or successor bodies) or 5% per annum, whichever is less, on the anniversary of the start of the period of insurance.
Extra cover
In addition your policy will provide cover for the following:
1. Alternative Accommodation Costs
2. Investigation Costs
3. Costs in respect of Local Authority Requirements
4. The cost of Removing Debris
5. Temporary and fast-tracked repair
The most we will pay under extra covers 1 to 3 is €10,000

The most we will pay under extra under extra covers 4 and 5 is €5,000.

HomeBond Insurance Services Ltd is regulated by the Central Bank of Ireland and is a sub-agent of Arachas Corporate Brokers Ltd. trading as Arachas who are regulated by the Central Bank of Ireland and who are an appointed intermediary of Allianz plc. & HSB Engineering Insurance Ltd. Allianz plc. is regulated by the Central Bank of Ireland. HSB Engineering Insurance Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK and is regulated by the Central Bank of Ireland for conduct of business rules.

Why choose HomeBond Insurance?

	INSURANCE COVER HomeBond Insurance provides Home Buyers with insurance cover, underwritten by Allianz plc.
	PROTECTION HomeBond Insurance is underwritten by Allianz plc, one of the world’s leading insurance providers.
	CLAIMS HomeBond Insurance is designed to provide Home Buyers with a fast and effective claim resolution.
	SUPERIOR SERVICE HomeBond Insurance is backed up by HomeBond’s large technical services team.
	RECOGNISED NAME HomeBond is an established Irish company and recognised brand name.