Home warranty insurance must be obtained by the home building contractor and the certificate of insurance given to the homeowner prior to taking any money on the contract and prior to commencing the work, or supplying the kit home.
Home warranty insurance cover:
- is required for any residential building work or supply of a kit home, where the work requires a licence and is valued at over $12,000
- for policies issued from 1 March 2007 must provide minimum cover of $300,000
- for policies issued between 1 May 1997 and 28 February 2007 must provide minimum cover of $200,000
- is sold by approved private insurance companies.
(Source: Fair Trading NSW)
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