Why do I need Latent Defects Insurance, my tradies will do a good job?
You became an Owner Builder to save money and have the home you wanted. Correct! And Yes, your tradies, on the surfaces will do a good job but what about in 5 – 10 years?
It may take years for a structural defect to appear but if it does, you have no cover – it is at your cost to rectify.
Issues that may not be apparent now but could happen in the future e.g.
· A roof not adequately framed during construction sags under its own weight
· Leaking, plumbing issues causing rotted joists and sub-flooring
· Leaking roof causing damage to interior and exterior walls and rafters that hold the roof up
Latent Defects insurance will repair, replace and strengthen any damage to your home and protect the home from weather and water proofing issues for 10 years.
Yes, 10 years is the length of this policy to ensure that you are protected from any unforeseen event that affects the structural integrity of your home.
The policy is also transferrable to future owners thereby increasing the value of your home, plus gives you comfort that you and your family have peace of mind if a Structural Defect occurs.
As the insured it is the insurers responsibility to fix the Structural Defect and as there is no delays over whose fault, remedial work will happen quickly and if they decide to take action against those responsible it is at their cost.
Lloyds of London the worlds oldest specialty insurer is the insurer – you are covered!
So, if you are about to building a new home or renovation then you need to contact Buildsafe to organize your Latent Defects insurance and we will show you how we can save you money when you combine Owner Builder Construction & Public liability and Latent Defects Insurance.