Home Warranty Insurance in the Australian Capital Territory
Home Warranty Insurance in the ACT covers the homeowner (and subsequent owners) for completion of the building work and loss of deposit should the builder die, disappear or become insolvent. The cover lasts up to 6 years from completion of the domestic building work or termination of the domestic building contract (6 years for structural defects and 2 years for non-structural).
It is compulsory for registered building contractors to take out a Home Warranty Insurance policy for contracts over $12,000 before accepting any payment or obtaining a building licence or permit from the local government. The home owner must also be given a copy of the insurance certificate.
Visit www.actpla.act.gov.au for more information.
MBAIS has many years experience in dealing with the underwriters of Home Warranty Insurance in Australia and has a designated team that are well placed to assist both new and existing builders through the eligibility and review processes.
Providing protection for your valued customers.
When is Home Warranty Insurance compulsory?
Home Warranty Insurance is a statutory product, compulsory under relevant building legislation in most states for builders carrying out residential building work.
Insurance must be purchased when the value of the work being done is:
Cover only applies when a builder dies, disappears or becomes insolvent.