Home Indemnity Insurance in WAOwner Builder Home Indemnity Insurance is required in Western Australia when an owner builder sells their dwelling within the Statutory Indemnity period. The Period of Cover is 7 years from the Building License Issue date. Owner Builders are unable to sell their property prior to 3 years after the Building License issue date. If the Owner Builder requires to sell before these 3 years have expired, they are able to apply for a letter of exemption from the minister. This is assessed on a case by case basis. Home Indemnity Insurance covers Residential/Domestic Building Work. Multi Unit developments exceeding 3 stories and fully leased retirement villages are exempt from obtaining Home Indemnity Insurance. The minimum value of works required to obtain Home Indemnity Insurance is $12,000. The maximum amount that can be claimed under a Home Indemnity Insurance policy is the value of contract work with a limit of $100,000.The purchaser and any subsequent purchaser of the home, not the actual owner builder, can claim on their Indemnity Policy if the owner builder has become insolvent, died or disappeared. Home Indemnity Insurance only covers defects, which are not identified in the Inspection Report that are identified within the 7 year Statutory Indemnity period. Failure to provide this insurance prior to selling the property can result in fines up to $10,000. If a contract of sale has been entered into without providing the Indemnity Insurance, the purchaser has rights to pull out of the sale prior to completion of the contract. More than ever before Broker and AR customer responsiveness and service quality are at the forefront of the winning or just quoting for business. More than ever before owner builder specific skills, knowledge and value adding service levels will drive customer satisfaction, security and comfort. AOBIS is Australia’s exclusive Owner Builder underwriting agency – we know, live and protect Owner Builders across the nation. We don’t compete with our valued intermediaries. We don’t tie our customers up in paper work. We speak in plain English. Our job is to service you, the broker or AR, and allow you to serve your customer with professional ease, swiftly, and with detail and confidence. Need a Home Indemnity quote? We require:
3 step process to provide option Owner Builder Indemnity service levels.
Email documents to This e-mail address is being protected from spam bots, you need JavaScript enabled to view it Our response time to generate your Indemnity Certificate is normally within 120 minutes and of course subject to quality and detail of the application. AOBIS is dedicated to Brokers and Authorized Representatives through quality of service, knowledge, price and intermediary profit. |
