Insurance tax is set to double in less than two years - after Mr Hammond outlined in his Autumn Statement that the “Insurance premium tax” will increase from its current 10pc rate to 12pc from June 2017, pushing up the cost of home and building insurance.
According to the Federation of Master Builders (FMB), the recent rise in Insurance Premium Tax will increase the danger of cowboy builders and will undermine good builders who follow the rules. Brian Berry, Chief Executive of the FMB, explained that growing costs could tempt homeowners towards uninsured builders offering more competitive rates.
Cowboy builders are the bane of the construction industry. On average, there are at least 100,000 complaints about them every year. Although they’re in the minority, it is important to protect your build – by taking out building insurance it will cover any unexpected damage.
FMB Insurance’s Domestic and Commercial Warranties are specifically designed to give you peace of mind before, during and after construction to your existing development. Our Domestic and Commercial Warranties offer cover for a wide range of projects, including porches, internal alterations, loft conversions, extensions and much more.
Whilst, FMB Insurance's New Homes Structural Defect Insurance provides cover for a range of developments, including modern methods of construction, partially complete and completed dwellings.
To find out more call our dedicated team on 01353 652760
Need help finding a builder? Get in touch with a local FMB member through the Find a Builder service.