You have all heard the horror stories of home owners taking years and years fighting with builders, tradies to have their home repaired.
Not if you have Owner Builder’s Latent Defects Insurance in place. Latent defect insurance is in place to protect you, the Owner Builder from any unforeseen structural defects.
· e.g. Waterproofing failure, causing floor and timber rot and warping
· roof not adequately framed and sags under its own weight.
· Plumbing leak causing rotted causing rotted joists and sub-flooring
· Leaking roof causing damage to walls and rafters that support the roof
And you will NOT know about it till it happens, and who are you going to call?
Latent Defects Insurance protects you for the cost of repairing, replacing or strengthening your home from a structural defect.
· No trying to find who is responsible.
· No costly litigation if you do.
· The insurer fixes he problem and it is up to them to seek reimbursement.
· You, as the Owner Builder are not responsible.
Plus, the cover is for 10 years.
Unlike your Home and Contents policy that excludes rectification of structural defects this policy is a once off investment, not annual and it lasts for 10 years.
Added Benefits of Latent Defect Insurance cover
· 10-year non-cancellable policy.
· Transferrable to future owners.
· Owner, developer, builder protected.
· Insurer (Lloyds) fixes the defect
· No delays over remedial work.
· No delays over whose fault.
· No doubt about Lloyds ability to pay.
· Asset protection.
· Avoid delays due to litigation.
· Increase Asset value by having insurance protection.
· Where rights of recovery exist, it is at the insurers expense not the Owner or Builder.
And when you combine our market leading Construction and Public Liability policy you save extra money.
Protect your family from a potential costly structural defect by taking out AOBIS Owner Builder’s Structural Defects Insurance.