Why Owner Builder’s Latent Defects Insurance is vital!
If you used a builder to build your home and a structural defect arouse e.g. roof sags, you could be waiting for over 3 years for the builder to fix the problem.
Luckily for you, you have owner built, so if a structural defect surfaces. E.g.
· Waterproofing failure, causing floor and timber rot and warping
· Roof, not adequately framed and sags under its own weight.
· Plumbing leak causing rotted joists and sub-flooring
· Leaking roof causing damage to walls and rafters that support the roof
you deal directly with the insurer to have your structural defects rectified.
The biggest problem Owner Builders face when there is a Structural Defect is chasing the Tradies with the resultant time delays, hassles and costs involved.
Buildsafe Latent Defects Insurance avoids this problem as the Owner/ Builder, you are the insured and therefore protected, once the Structural Defect is identified and accepted by the insurer, it is rectified and then the insurer will decide who is responsible and whether to take action, at their expense to recover costs.
And because your insurer is Lloyds of London the world’s oldest specialist insurer you have the knowledge that they are behind you.
Now, you don’t have to chase the tradies with all that stress involved. You are covered for 10 Years.
Also, the policy is transferrable, so any future purchase gets the benefit, increasing your sales value if you sell.
Financiers will be more amenable to you as an Owner Builder with this policy in place protecting them from loss of asset value in the event of a future Structural Defect.
Together with our industry leading owner builder construction and public liability insurance policy to protect you during the building process, and Latent Defects Insurance to protect your home from Structural Defects for the next 10 years. You are covered!
Save money ($250 saving when buying both products) and protect your home with Buildsafe Insurances suite of owner builder insurance products for more detail go to www.buildsafe.com.au