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What does Domestic Building Insurance means to Builder or an Owner Builder in Victoria.

What does Domestic Building Insurance means to Builder or an Owner Builder in Victoria.
Whether you are a homeowner who is using a Builder or an Owner Builder, it is mandatory to get a domestic building insurance.

If you undertake domestic building work worth more than $16,000, then you need domestic building insurance.

Furthermore, this insurance must provide coverage for damages up to $300,000 and cover a period of six years for structural defects. The warranty is good for two years on any non-structural defects.

Builders offering warranty insurance in Victoria must comply with all statutory warranties. These warranties function to ensure the work is carried out properly and complies with any contract plans and specifications. All materials have to be new unless otherwise stated in the contract, and they must be good and suitable for the intended purpose. The work must be done in accordance with all laws and within the time period established in the contract. Finally, the residence must be fit for human occupation when the work is complete and must live up to what was originally promised.

Be sure to follow any advice given to you by the Builder at handover or you may void your Builders Warranty. If you are unsure ask an Expert at Jim’s Building Inspection to check.

You need an Expert in most cases to identify and document issues that are likely to be Builders Warranty claims. When you take your concerns to a Builder don’t assume they will simply fix things. It pays to have an expert assess the situation and provide a report.

Don’t rely on the Builder to come to the party. Once paid many builders are reluctant to fix things particularly when the rectification is costly. Often the Builder will look to blame the homeowner if they can avoid rectification.

Owner Builders are required to provide Warranty Insurance for the benefit of a purchaser within 6 years of the final, also an Inspection Report from an approved inspector, outlining whether there are defects, incomplete works or second-hand materials have been used in the job. Once listed these items cannot be claimed against by the purchaser.

In Victoria, Jim’s Building Inspections has got Building consultants who can help with the Inspection reports in Melbourne Metro & Victoria Regional Areas.

Call us today on 131 546 or go online to get a free quote.

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