Browse Forums Building A New House Re: Home warranty insurance 3Jan 24, 2022 12:30 pm Regards, Colin Operations Director Homebuildguide.com.au Click Here For A Free eBook About Custom Home Building Re: Home warranty insurance 9Jan 26, 2022 4:41 am Noname Savagepuppy Thanks for your reply, noname. It’s something I read online that more reputable builders get more discount. So if they get more discount, they will be more than happy to share With you that information . If they don’t want to share or say they are not sure, it means they are not ranked well or something like that. This isn't how you choose a builder. To be honest i think youve confused them with the question rather than them having anything to hide. I don’t know much about this insurance and how it works. So I rely on the info I find online or from this forum. I found those questions online. Savagepuppy As the builder I’m seriously thinking of engaging acted as if he didn’t know anything about the cap. Another two builders told me their cap is 3 mil and 8 mil. I assume the bigger the number is , the bigger their business is? Or the better they are ranked ? The builder with 8 mil cap did mention some other builders work under him. I wasn’t sure exactly what that means. So that means he is Lending his licence to the others ? the value of their cap is directly proportionate to how much premium they are willing to pay. Again, a really bad way to choose a builder. They have asked me to pay the premium , so it’s not like they are trying to reduce the premium to save themselves money Re: Home warranty insurance 11May 22, 2023 10:34 am Wottsup Hello, just a quick one how long does it take for a builder to obtain their home owners warranty insurance? about 3-4 days Architectural Homes & Duplexes - specialising in custom designing homes to your budget Get a Free Onsite Consultation Today or send a PM for information, questions or advice. Re: Home warranty insurance 12May 22, 2023 5:36 pm Ashington Homes Wottsup Hello, just a quick one how long does it take for a builder to obtain their home owners warranty insurance? about 3-4 days Thanks Ashington Homes. Based on the turnover time, it seems the builders to obtain the home owners warranty insurance is straight forward. Not sure why my builder is still not having one for construction certificate application as it has been 3mths now. Could you or anyone enlighten me what causes them not getting one? Their excuses are due to COVID, material cost etc. Re: Home warranty insurance 13May 23, 2023 5:30 am Wottsup Ashington Homes Wottsup Hello, just a quick one how long does it take for a builder to obtain their home owners warranty insurance? about 3-4 days Thanks Ashington Homes. Based on the turnover time, it seems the builders to obtain the home owners warranty insurance is straight forward. Not sure why my builder is still not having one for construction certificate application as it has been 3mths now. Could you or anyone enlighten me what causes them not getting one? Their excuses are due to COVID, material cost etc. The only logical explanation is that your builder has maxed out their policy and is waiting for some other projects to finish so that they can free up a spot for you. To explain, HBFC eligibility has two parts 1. A total dollar amount for the value of all work to be undertaken and 2. The maximum number of jobs. So for a smaller builder this could look something like $10m dollars and 15 jobs ( this is the same for bigger builders but their numbers are obviously larger). So if your builder already has a maximum number of certificates issued then they physically can not get any more until other jobs are closed out. I hope this makes sense if not let me know Cheers Simeon Architectural Homes & Duplexes - specialising in custom designing homes to your budget Get a Free Onsite Consultation Today or send a PM for information, questions or advice. Re: Home warranty insurance 15Jun 20, 2023 10:38 am In Victoria, the builder must give you Home Owners Insurance before you sign the building contract. It is the policy the builder purchases for your benefit (as required by law). It is builders expense, his cost of doing business and he does not have to account to you. The above policy will not kick in unless the builer is dead, bankrupt or missing. In addition there must be current builder's construction insurance that insures your dwelling during construction and to the point of handover. So if your house burns down just prior to handover(you paid for it in progress payments), you are covered. This type of policy is jusually blanket policy that covers all of builders work and the builder does not need account to you but merely prove the currency. Subsection of the construction insurance policy is public liability and workers compensation, again if current , none of your business. All of the above insurances are separate from the usual owners insurance after handover. There is no insurance policy that will cover bad workmanship and building defects, statutory inspections will not necessarily protect you and that is why if you are serious about protecting your investment you should employ your own independent building consultant. 1 Pre contract review 2 Pre slab inspection 3 Frame Inspection 4 Pre plaster inspections 5 Waterproofing inspection 6 Pre final inspection Many owners have and we went from A-Z with minimum of fuss Many have not, to their regret Foremost Building Expert in Australia,assisting with building problems/disputes, building stage inspections,pre-contract review advice for peace of mind 200 blogs http://www.buildingexpert.net.au/blog Hi Suku18 In NSW the statutory required insurances are: 1. HBCF ( Home Building Compensation Fund) - This is if the builder dies or goes broke. But this only covers 20%… 1 2713 Hi there, long-time lurker but first time posting. I've bought a house 2 and a bit years ago and last year we had some major water damage on a converted pergola area… 0 7935 I apologise for any confusion, but your understanding is correct. We approached our situation differently based on advice from… 11 53225 |