Home Owners Warranty Insurance (Home Building Compensation Scheme NSW)
The Interior Therapist
5 years ago
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!
siriuskey
Paul Di Stefano Design
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siriuskey
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siriuskey