VIC/WA: Owner Builder Home Warranty Insurance is a mandatory Insurance policy that Owner Builders selling their home are required to provide to the purchaser.
The insurance certificate must be obtained prior to entering into a contract of sale, for any Owner Builder works over $16,000. It protects purchasers in the event the Owner Builder dies, disappears or becomes insolvent and is unable to fix defective work during the statutory period.
The statutory period of insurance is 6 years for structural defects, from the date of Certificate of Occupancy or Certificate of Final Inspection, or in Western Australia 7 years from the date of Building Permit approval.
NSW/QLD/SA/ACT: Owner Builder Warranty Insurance is a must for purchasers as it gives them comfort when buying an owner built home that there are warranties in place to protect them in the event of an unforeseen circumstance.
Owner Builder who want to get the best price for their home can now provide Owner Builder Warranty Insurance to the purchaser for their benefit.
This Insurance policy covers the purchaser for Structural Defects, which comprise defective or faulty workmanship, defective materials which can affect the Structural integrity of the building.