What is it?
Today licensed builders needs Builders’ Warranty Insurance for some, if not all residential jobs. Generally, a Builders’ Warranty Insurance certificate must be submitted before any work can begin.
What it covers?
Builders’ Warranty protects home owners from loss of deposit, unfinished or defective works as a result of the builder’s negligence. The rules vary from state to state across Australia so it’s important to understand what the rules are in yours. Insurance Advisernet has many years of expertise in Builders’ Warranty Insurance. By staying up-to-date with all current regulations in your region, we can help make life considerably easier for you.
The examples and links, below, summarise some of the key differences from state to state right now.
|State||Known as||Legal Requirement?||More Information|
|ACT||Residential Building Warranty Insurance||Yes, for work valued over $12,000||ACT Government Planning|
|NSW||Home Building Compensation Fund||Yes, for work valued over $20,000||Home Building Compensation Fund|
|NT||N/A||No||Northern Territory Government|
|QLD||Home Warranty Insurance||Yes, for work valued over $3,300||Queensland Building and Construction Commission|
|SA||Building Indemnity Insurance||Yes, for work valued over $12,000||Consumer and Business Services|
|TAS||Residential Building Warranty Insurance||No, in Tasmania it’s a voluntary scheme||WorkSafe Tasmania|
|VIC||Domestic Building Insurance||Yes, for work valued over $20,000||Victorian Managed Insurance Authority|
|WA||Home Indemnity Insurance||Yes, for work valued over $20,000||WA Department of Commerce|
- Builder Eligibility & Builder Profile Change Application
- Fact Sheet 8 - Eligibility & Underwriting
- Builder Project Completion Advice
- Project Application for CIMS - Multiple Dwelling Projects Project
- Application for CIMS - All Work Excluding Multiple Dwelling Projects