Can be called a number of different names, Residential Home Warranty, Home Indemnity, Home Owners Warranty, Domestic Building Insurance….
Whatever the phrase used, Home Warranty insurance is for the benefit of the purchaser. Whether the home/renovation/extension is built by a Builder.
The insurance applied to residential property and depending on what state you are in, there is a minimum before you need to have home warranty insurance.
The insurance is required taking any money (including a deposit) from a home owner (including an owner-builder) under a residential building contract and before starting any work under that contract.
In NSW, From 1 February 2012, insurance under the Home Building Compensation Fund is required to be obtained where the contract price is over $20,000 or, if the contract price is not known, the reasonable market cost of the labour and materials involved is over $20,000.
Contractors who carry out residential building work must still hold an appropriate licence with Fair Trading where the labour and materials involved are valued at over $5,000.
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