Domestic Building Insurance (also known as Warranty Insurance) is a mandatory type of consumer protection cover in Victoria and Western Australia. The requirements vary slightly between the states but in all cases the insurance is for the benefit of the purchaser (not the owner builder). The insurance is required where an owner builder sells the property on which they have constructed building works (over $16,000 in value) within the prescribed period set by legislation (6 years from completion in VIC and 7 years from commencement in WA).
When you are selling a property on which you constructed, managed or arranged “domestic building works” as an owner builder (ie the total project was not the subject of a Contract with a Registered or Licenced Builder, who provided a separate Warranty Policy), and those works were completed* within the last 6 years, then you may be required to provide certain statutory warranties, reports and domestic building (warranty) insurance for the benefit of the purchasers, prior to entering into a Contract of Sale.
We realise that this insurance is often not fully understood by the owner builder and can hold up a pending sale, so the staff at Building Industry Solutions pride themselves on offering fast, courteous and hassle free service to assist you in understanding and providing the necessary documents pertinent to the sale of your owner built property.
How do I find out more?
Or Call : (03) 8841 4200
Building Industry Solutions Pty Ltd Authorised Representative Number 000273818 Authorised Representative of Commercial & General Insurance Brokers (Aust) Pty Ltd AFSL: 231183 ABN: 12087001045 Authorised Representative of QBE (Aust) Limited AFSL: 239545 ABN: 78 003 191 035 Corporate Agent of CGU Insurance Limited AFSL: 238291 ABN: 27 004 478 371