South Australia
Residential Builders' Warranty in South Australia
This type of insurance is compulsory for all residential building works carried out by a Licensed Builder in excess of $12,000. The insurance is taken out by the builder in favour of the homeowner (beneficiary) and also covers any subsequent owners of the property during the statutory warranty period.
A brief overview of the South Australian Residential Builders' Warranty Policy is provided below. For more information view the South Australian Policy Wording >>
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Policy Coverage
The Residential Builders' Warranty Policy covers loss or damage resulting from non-completion of the work, loss of deposit or breach of statutory warranty if you cannot recover compensation from the builder because of the following situations:
- death of the builder
- disappearance of the builder
- insolvency of the builder
How much will we pay?
QBE, at its discretion, can either make good the loss or damage or pay the amount of the loss or damage.
The South Australian statutory limitation is set at $80,000 in total in the aggregate for all claims under this policy for each home.
What is the excess?
The excess is $400 (four hundred dollars) for each claim made relating to each dwelling in the building insured under the policy.
How long are you covered?
The policy covers claims in respect of work made within 5 years after the completion of the work.
How long do you have to claim?
You must notify QBE of a claim for loss or damage resulting from all causes (other than incomplete work) within 90 days of when you first became aware, or when you reasonably ought to have become aware, of the fact or circumstance giving rise to the claim.
How do I apply for a QBE Residential Builders' Warranty insurance policy?
Once the Eligibility Application form is completed, please submit your application form and supporting information to one of our authorised brokers.
South Australian Government Website
For more information please refer to www.ocba.sa.gov.au