Selling your home in Victoria
Owner Builder Home Warranty Insurance is a mandatory Insurance policy that Owner Builders selling their home are required to provide to the purchaser.
It protects purchasers in the event the Owner Builders dies, disappears or becomes insolvent and is unable to fix defective work during the statutory period.
In Victoria, the statutory period of insurance is 6 years for structural defects and 2 years for non-structural. Commencement period is from the Certificate of Occupancy or Certificate of Final Inspection.
Builder are required to supply Builders Warranty to homeowners as well, this is basically the same product.
Owner Builders are under the mistaken belief that Owner Builder Warranty Insurance is required to be provided at any time up to settlement. Yes, but if the Owner Builder signs the contract without attaching the Warranty Certificate, the purchaser is FREE to walk away from the contract at any time up to settlement.
Under 137B of the Building Act, a defect report is required to be also attached to the Owner Builder Warranty Insurance Certificate.
The report will list defects, incomplete works and second-hand building materials.
Anything listed in the report is NOT Claimable.
All Owner Builder work requires a Defect Report regardless of the statutory minimum value required for Owner Builder Warranty Insurance.
BE AWARE that Owner Builder Warranty Insurance is required for ALL Owner Builder work, so even though the Owner Builder did not get a permit if the value of the work is over $16 000 Owner Builder Warranty Insurance is required to be provided to the purchaser.
HOME Warranty Insurance is required if the Value of the work exceeded $16 000.
The experienced AOBIS underwriters have been there since the inception of the Builders Warranty Scheme.
You are in the hands of the experts.
SUPER FAST TURNAROUND - 1 HR DELIVERY!If all required documents are supplied, you can have the policy within the hour.
|Purchaser||Owner Builder Work|
|Covered for up to $300k||2 Years non structural or 6 years structural|
|Defects report required||Coverage for structural and non-structural|
What we require:
|Cost of residential Owner Builder works||Current Defects Report, prepared by an approved Building Inspector|
|Building Permit||Certificate of Occupancy or Certificate of Final Inspection|
|Drivers Licence||Complete and sign Owner Builder Warranty Application form|
Step 1: Obtain a defects inspection report from an approved inspector.
Step 2: Fully complete:
- Application form
- Building Permit
- Certificate of Occupancy or Certificate of Final Inspection
- Drivers Licence
- Defect Inspection Report from an approved inspector with P.I insurance
Step 3: Email your documents for approval.
Owner Builder Warranty Insurance:
• Fast Turnaround.
• Few Documents.
• Underwriting Authority
• Policy within the hour.
• Expert advice for non-standard applications.
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