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 Page Last Updated:
 Saturday, 8 June 2013
 
 Home>About Us>What Does Warranty Insurance Cover and for How Long?  
What Does Warranty Insurance Cover and for How Long?  Printer Friendly

What does warranty insurance cover?
Warranty insurance is sometimes called Statutory Insurance or Home Indemnity Insurance. It is insurance that building contractors are required to carry by law to protect new homeowners against major defects in the work, and/or bankruptcy by the builder.

In most cases the insurance covers the new homeowners for a period of at least 6 years - the actual conditions vary slightly from State to State.

Warranty insurance should not be confused with Contract Works and Public Liability Insurance, which is sometimes called Builders All Risk insurance. This insurance covers fire, damage, theft and injury during the construction period while the builder is in possession of the building site.

 
For how long does the warranty insurance cover the work?
Warranty Insurance usually covers homeowners for a period of 6 years and in some States this time varies up to 10 years for major defects. There is also a minor defect period which can be from 3 months to 6 months depending on State Laws.
 

   

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