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.
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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