Because we don’t insure poorly constructed residences, we offer low Home Indemnity Insurance prices with a better deal all-round. 24 hour turn around in most cases. QBE Insurance (Australia) Ltd issued Insurance.
Owner Builder Home Indemnity Insurance is required in WA when an owner builder sells their dwelling within the Statutory Indemnity period.
The Period of Cover is 7 years from the Building Licence issue date.
Selling your owner built or renovated home is now cheaper, faster and less stressful as home indemnity insurance costs drop. 24 hour turn around in most cases.
Premium drop is a direct result in the forced elimination of unrealistic and ‘over inflated’ broker fees and charges forced by alternative insurance firms. Our Clients benefit and rest easy because our Team has reviewed, served and assisted more owner builders than any other insurance firm anywhere across Australia, including WA, (‘tens of thousands’ owner builder insurance policies signed-off). We know detail. We know Insurance
Needing home indemnity insurance before you settle on the sale of your home, then the process is as follows:
Step one: Quick quote is easy and quick. We require only value of owner builder works and date of Building Licence. Call us 1300 798 991 or email your information. We are open 7 days.
Step two: Complete an Application Form (which becomes your insurance declaration) and then supply your supporting documentation. It’s easy and straight forward and we’ll guide you through the process so you can focus on selling your home.
Step three: Obtain a suitable Defects Report. This is a special ‘owner builder’ Defects Report that details structural and non-structural defects. It is separate from your mandatory building inspections. In our opinion, the greater the level of detail included in the Defects Report the better you, as the owner builder, are protected during the statutory home warranty period.
What you need to know about the Building Inspector. As a rule inspectors will require about a week to complete your Defects Report, so plan ahead
Domestic building insurance is designed to benefit the purchaser of an owner built home or a home that has been renovated or structurally altered or modified. Insurance does not benefit the owner builder and owner builders cannot claim against this insurance class. Home Indemnity insurance covers the subsequent owner of an owner built residence in the event that (you as) the owner builder dies, disappears or is insolvent, and the building works are incomplete or defective during the statutory indemnity period.
We know a thing or two about this business and how to effectively and seamlessly assess owner builder insurance applications. Our whole purpose of existence is to serve owner builders.
Home Indemnity Insurance covers Residential/Domestic Building Work. Multi Unit developments exceeding 3 story’s and fully leased retirement villages are exempt from obtaining Home Indemnity Insurance.
The minimum value of works required to obtain Home Indemnity Insurance is $20,000. The maximum amount that can be claimed under a Home Indemnity Insurance policy is the value of contract work with a limit of $100,000.The purchaser and any subsequent purchaser of the home, not the actual owner builder, can claim on their Indemnity Policy if the owner builder has become insolvent, died or disappeared.
Home Indemnity Insurance only covers defects, which are not identified in the Inspection Report that are identified within the 7 year Statutory Indemnity period. Failure to provide this insurance prior to selling the property can result in fines up to $10,000. If a contract of sale has been entered into without providing the Indemnity Insurance, the purchaser has rights to pull out of the sale prior to completion of the contract.
Qtrust is Australia’s exclusive owner builder Brokerage – we know, live and protect owner builders across the nation. We don’t tie our customers up in paper work. We speak in plain English. Our job is to serve with professional ease, swiftly, and with detail and confidence.
3 step process to secure Home Indemnity Insurance.
- 1. Obtain a current Defects Report, prepared by an approved Building Inspector (Preferred inspection services call Housepect 08 9228 3999 local inspectors across WA).
- 2. Compile supporting documentation (explained on the Application Form)
- 3. Complete the Application Form Owner Builder Indemnity Application – ‘go here’