Property Indemnity Insurance, also known as Professional Indemnity Insurance, provides financial protection to a homeowner who has purchased or built a new home from a licensed, registered builder.
This insurance is designed to cover any out-of-pocket expenses that may arise should it be discovered that construction errors and omissions have been caused by the contractor. There are rules and regulations revolving around what you can claim within this insurance umbrella.
In broad strokes, it is deemed that the builder is responsible for any building errors and omissions for a period of six years from the end of construction. Proceedings can also take place for lack of completion of a project.
In Queensland, this type of insurance is provided by the Queensland Building and Construction Commission (QBCC).
Protection for Home Owners
When purchasing a new home, or seeking quotations prior to entering into a contract to build a home or extension with a builder, it is important to assess a whole range of necessities.
One essential requirement will be to ensure that a Certificate of Currency exists. In Queensland, it is required for any construction work valued at greater than $3,300. This certificate will prove indemnity cover has been paid in full.
This insurance offers the person who will ultimately be paying for it, usually via a mortgage, to rest easy knowing that the home or investment is protected.
Making a Claim
Should a construction error or omission ever be discovered in your investment home, we are more than capable of following up on the claim for repair.
Just like organising a repair or replacement for your hot water system, eProperty Rentals are your ‘go to’ in this situation. Obviously, we are more than likely going to be the first port of call in this situation as the tenant will usually be the one to spot any issues. It is important for us to pinpoint who is responsible and, as your appointed agent, attend to it.
If your builder is a reputable one, which of course he was as you conducted your due diligence before hiring him, any repair claims will be dealt with smoothly, and your home will be none the wiser!
You can see that you are in good hands and you can relax when you employ the right people to represent you in any project in which you care to invest.