If you have decided to build a home in Australia, you appreciate this is one for the most important investments you can make in life. For this reason, you should only use the best builders for the project. The same goes for any renovations you seek to undertake on your existing home. Now, with so many builders in every city, finding the best becomes an overwhelming task. Luckily, you can narrow down on a reliable builder by looking at their builders warranty insurance Australia coverage.
Builder’s warranty is not the first thing that comes to mind when searching for a building partner but it should. This article explores the importance of the builder’s warranty and pinpoints why it is a win-win for both the builder and the homeowner. Keep reading.
About Builders Warranty Insurance in Australia
For a long time, Australian homeowners suffered in the hands of unscrupulous builders. Many homeowners complained about shoddy new builds and renovation works. To remedy the situation, authorities in most regions made builders warranty insurance a statutory requirement for licensing. While the specifics of this protection differ from state to state, the idea is to protect the homeowner against unscrupulous builders who had flooded the industry.
This type of insurance provides cover for you in case the builder disappears, dies, becomes insolvent or loses their licensing and registration when undertaking your home build. The builder’s warranty schemes vary, but it is a mandatory requirement except in Tasmania. For the cover to take effect, the policy has to be in place before your project construction starts. The cover applies during construction and a few years after completion of the project.
The Benefits of Builders Warranty tothe Homeowner
There are multiple risks involved in home construction. Some of these problems emanate from the conduct of the builder and without a builder’s warranty insurance, you have to resort to the courts to get justice.
When builders warranty insurance Australia wasn’t in place in most regions, many homeowners suffered irreparable damage due to shoddy construction, the negation of contract, the disappearance of the builder, death among other issues.
For most homeowners, it takes years of savings and loans to start building a home, and when a builder lets them down, they have few resources to use to seek justice. This is one reason the builder’s warranty insurance is a godsend for potential homeowners in the country.
You will enjoy peace of mind knowing that in case of any problems with your builder, there is enough cover to cater for damages. For this reason, you have to find a reliable builder in your city who carries the mandatory builder’s warranty insurance. It is the only way to protect your precious investment.
Why Buy Builders Warranty Insurance asa Home Builder?
The process of qualifying for builder’s warranty is tough, but you should look at the benefits it brings to your business as a builder. Homeowners now look for builder’s warranty insurance as a priority when looking for the best contractors for their projects. In addition to protecting your business against compensation claims, you will also earn the trust of your clients, and this builds your brand in this heavily competitive industry.
There is no doubt builders warranty insurance Australia cover is an excellent thing for both homeowners and builders. It offers protection for both while also creating trust between both parties.