Home Owner

Buying a home will be one of the biggest investments you make. Some people think that the  Building Act provides all the protection they need. However, the Act merely imposes a  liability on the various parties involved in the construction of your home – architects,  builders, developers, etc. It does not solve the problem of identifying the cause of a defect  or pay for repairs. 

Without Building Warranty Insurance, dealing with those issues can be costly and time consuming, and it can even involve lawyers. Building Warranty Insurance bypasses all these  issues and problems to get the defect repaired as quickly as possible.

The builder or developer of your new home arranges Building Warranty Insurance at the  start of construction and pays the premium. The insurance then kicks in when the  construction achieves Practical Completion and gets Council approval (CCC). Our team at  Stamford Insurance will then issue the 10-year policy that will cover your home. 

Our policies cover all defects for two years from the date of Practical Completion. Major  Defects, such as the waterproof envelope failing, are covered for an additional eight years.  Examples of the causes of major defects include: 

• Defective design or specification  
• Failure of products and materials  
• Defective workmanship  

An excess applies to every claim and is shown on the policy.

• Building Warranty Insurance is a first response policy, so you do not have to get  lawyers involved to make a claim 
• Repairs will be carried out promptly by professional contractors 
• You will have peace of mind that any major problem is covered by the policy
•  The insurance adds value to your property if you decide to sell within the 10-year  cover period 

During the first two years of the policy, you should contact the builder or developer if a  defect occurs. If you face difficulties getting the defect rectified, you should then contact us  at Stamford Insurance. 

If a defect occurs after the initial two-year period and before the 10-year expiry on the  policy, you should contact us at Stamford directly to notify us of a claim. Our team will then  process the claim with the insurer who will appoint a loss adjuster to investigate and  organise repairs. 

Yes, the building is still covered by the policy for the balance of the 10 years.

No, the single premium for the 10-year policy will be paid in full by the builder or developer at the start of the project.

The policy can be transferred to the new owner of your house. An administration fee will  apply. To transfer the policy to the new owner of the house, please complete and sign the  Deed of Assignment form and pay the fee.