Builders Warranty Insurance
As a licensed or owner builder within Australia, you need to be insured to meet regulations. This is usually called Builders Warranty Insurance or Home Warranty Insurance. These obligations will vary, depending on which state or territory you work in.
Builders Warranty Insurance is a legislative requirement under State/Territory law in NSW, ACT, VIC, SA and WA for contracts over $12,000 (or $20,000 in WA). It protects homeowners from faulty workmanship or non-completion or a contract if the builder dies, disappears or becomes insolvent.
Builders Warranty Insurance can also be called “Residential Warranty Insurance” or “Home Warranty Insurance” depending on which insurance company you arrange your policy through.
Builders and Tradesman require a home warranty insurance certificate of insurance to be issued in favour of the homeowner before a residential construction (three levels and below) or home renovations of $12,000 and up, can commence.
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