Owner Builder Warranty Insurance
When taking on the task of owner builder, you are undoubtedly looking to the future. The completion of your future dream home, the years of happiness, fun and enjoyment your will experience in your new or renovated build in the future. But what if you plan to sell the home in the future?
If you have built your own home or managed renovations or remodelling above a value of a specified amount (this amount will vary from region to region), many regions in Australia require by law that you take out owner builder warranty insurance. Why so?
Long after the project is complete, signs of defective workmanship can begin to rear their ugly head. Even if you are convinced that all tasks were completed and finished to the highest standard, you still need to have this protection in place.
If your property is sold on and you die, disappear or enter bankruptcy, the initial purchaser of the property, or any subsequent purchase, is subsequently able to claim against your owner builder home warranty insurance policy for costs relating to any damage caused and repairs needed as a result of defective workmanship.
How does an owner builder warranty insurance policy benefit me?
First and foremost, you are likely to have to discount the sale price of your property in the absence of a home warranty insurance policy.
When the build of a property or even the renovation or remodelling has been managed by an owner builder, it can present a cause for concern for potential buyers. How can they trust the workmanship?
What comeback do they have if any defects begin to present themselves? With home warranty insurance owner builder property owners can alleviate any such concerns from potential buyers.
If selling a property in Victoria and Western Australia and works were completed within the last six years, owner builder warranty insurance is mandatory so you will not be able to sell on your property without this cover in place.
Many owner builders are not aware of this mandatory requirement and it can lead to a significant hold up on the potential sale of the property.
It may also feature among your original owner builder insurance requirements that you must subsequently continue with home warranty insurance cover after the build, renovations or remodelling project is complete.
Trust Australia’s specialist owner builder warranty insurance company
If you are an owner builder and want to ensure the future successful sale of your property, talk to the Q Trust team today. We’re not here to sell insurance. We’re here to assess your financial and risk needs and match you with a policy that offers the cover, expertise and capabilities you require. Contact us online via our website enquiry form or call us on 1300 798 991 to get the conversation started.
Who Needs Owner Builder Warranty Insurance?
Owner builder insurance requirements vary depending on which state you’re in, and in some states owner builder warranty insurance isn’t mandatory at all.
However, if you happen to live in Western Australia or Victoria, where insurance is mandatory and the regulations are quite specific, you’ll need to ensure you have a good understanding of what your legal responsibilities are.
In Western Australia, the law states that all owner builders who have completed building or renovation work on their property that exceeded $20,000 in the last seven years, they are legally required to purchase owner builder home warranty insurance before they can sell their property.
In Victoria, the owner builder insurance requirements are similar – but slight differences do apply.
Here, owner builder home warranty insurance is compulsory for anybody looking to sell a property on which they’ve spent more than $16,000 on building or renovation work in the last six years and six months.
If you live in either of the above states and you’re considering selling your property, it’s well worth looking into getting an owner builder warranty as soon as possible. Many people don’t realise that this regulation exists and therefore proceed with trying to sell their property without the proper insurance – leading to frustrating hold-ups down the line that can often cost dearly in both time and money.
But even if you don’t happen to live in either Western Australia or Victoria, getting an owner builder warranty is still an extremely sensible idea if you’ve ever done any of your own building or renovation work on a property you’re looking to sell. Doing so will give potential buyers maximum peace of mind and make them far more likely to make an offer.
Why Choose Qtrust?
Here at Qtrust, we’re committed to doing things a bit differently from many other insurance companies.
We consider it our priority not just to provide our customers with standard insurance policies, but rather to work closely with them in order to gain an understanding of their particular situation – allowing us to provide a tailored policy that is perfectly placed to meet their individual needs and requirements.
Because we understand how complicated some cases can get, we never try to simply sell a ‘one-size-fits-all’ insurance plan, and that’s why we’ve built a strong reputation for outstanding customer service and receive consistently positive feedback from all our customers.
With the confidence and peace of mind that comes with having a professional, bespoke warranty insurance policy drafted by one of the experienced experts here at Qtrust, our customers can rest assured that they stand the best possible chance of successfully selling their property at the price they deserve for it.
Qtrust provide owner builder insurance for all owner builders in Australia. If you need owner builder warranty insurance or home renovation insurance, give us a call and let us talk you through your best options. We specialise in services for owner builders in NSW, Victoria, QLD and WA.
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