There’s no better feeling than being a homeowner, right? You’ve probably put a significant amount of hard work into creating your perfect home. So of course, you’d want to ensure your pride and joy is protected. Especially when it comes to renovation or building time.
Part and parcel of being a homeowner, is enlisting the services of tradespeople. Whether you’re getting that stone wall repointed or you’re finally building that extension – you’ll want to ensure the job is completed at maximum quality and efficiency. This is where it becomes important for you to have an understanding of the insurances out there, which are designed to protect you and your asset.
Home Owners Warranty (also known as Builders Warranty or Home Building Compensation Fund – HBCF), is an insurance designed to implement the Home Building Act 1989. It protects you, the consumer if you lose your deposit, the tradesperson doesn’t compete the job or it’s defective, they become insolvent, die or disappear.
In 2015, the second highest form of compliant to Fair Trading was jobs left uncompleted. Protect yourself from falling into this statistic by selecting a trade company that is H.O.W approved.
In NSW, Home Owners Warranty must be taken out by your builder and a certificate of insurance must be provided to you if the value of work is over $20,000.00
So, if your next renovation works have just been valued at over $20,000.00 – ask your tradesperson for a Certificate of Insurance, which (if they are already approved) will obtain through iCare HBCF.