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kirsty6918

Home Owners Warranty Insurance (Home Building Compensation Scheme NSW)

Hi

Hoping someone on here has experience with this.

Basically renovating a 2 bedroom apartment, for which the builder has quoted $110k plus GST for the full build. Which is around the amount we expected/were advised by architect.

But he has also asked for $9k for the Home Owners Warranty Insurance, which the contractor purchases on the owners behalf.

It seems a lot, but I cant seem to find many existing similar cases to compare with online, however I did come across one couple who paid $27k for same insurance on a new build project, but that was on a $2.7m spend.

I am unsure if the insurance is meant to represent a % of the build cost, or how it is calculated etc. And again impossible to find this out online so far.

Any help and info would be appreciated! Thank you!

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