Poor Quality Home Warranty Insurance Protects Nobody, But Hurts Every Body. How to tell the difference.

April 1, 2019 12:29 pm Published by Leave your thoughts

Poor quality protection for a purchaser against faulty workmanship, materials and construction practices hurts every body and protects no body.

Often in our firm, staff detect a sense of exasperation, irritation on the requirement for home warranty because all-to-often this insurance is stalling the release of the Section 32 Vendors Statement. Pressure points spurt from legal practitioners or conveyancers preparing this mandatory information statement, prior to proceeding to Section 32 Contact of Sale. The vendor’s real estate agent also applies pressure as they focus on their sales commission.

Vendors may be surprised to learn not all home warranty insurances are the same. It may be said by a careless, unconcerned, or indifferent person, “who cares who’s the insurance company, it’s all the same”, and they would be wrong! Your purchaser and their legal practitioners do care, because poor quality home warranty means poor quality protection for a purchaser, against faulty workmanship, materials and construction practices. In these instances poor quality insurance erodes trust and confidence in the sales promises, and whilst is may not cancel your sale it does provide a window of opportunity for smart, alert and savvy purchaser to heavily discount your sale price.

Here’s the reality. Home Warranty Insurance, on average, premium is approximately $1,400, a once only payment, based on renovation cost of $250,000. When the average residential median sale has pushed past $800,000 who in their right mind would rely on cheap foreign insurers underwriting your long term obligations under home warranty.

Owner Builder Home Warranty Insurance may seem just another frustrating hurdle when arranging a Vendors Statement, but as the first step in the sales transaction process, it’s important its presents the vendors home in positive and caring manner with purchaser’s safeguards and assurances reflecting the quality elements of the residence. Home Warranty will only be required if Property Title shows building permits were issued for recent renovations, or construction works to the property.

Qtrust’s client care processes will surefooted and swiftly manage and construct home warranty applications to safeguard our clients’ long term financial and lifestyle interests, first and foremost. We achieve this goal through proven, robust and streamlined processes.

Qtrust, year on year remains the Victorian hub for owner builder insurances. Its core underwriters remain at the pinnacle of recognised, secure, internationally rated for financial liquidity and strength, and all local staff. Home Warranty is underwritten by Victorian Government owned VMIA, for unrivaled financial security, and protection.

Qtrust itself employs independent global research firms to monitor client satisfaction and client experiences through TrustPilot Global.

Qtrust is open 7 days because our clients are open 24/7.

Home Warranty Client Care Team can be contacted 03 9886 9034 or insurances@qtrust.com.au

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This post was written by Technical Underwriting Centre

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