Every home built in Queensland is required to have building insurance lodged with the Queensland Building Services Authority (QBCC*) prior to commencement of construction.
For all Grady homes, we arrange and pay for building insurance through QBCC. This is noted in your building contract. The policy with QBCC is a 6 year Home Warranty Insurance Premium, and you will receive a Certificate of Insurance in the mail from the QBCC prior to construction.
Building insurance protects you as the owner in circumstances such as:
- a licensed builder does not complete the contracted residential construction work and you have terminated the contract;
- the contractor fails to, or is unable to, rectify defective work during the 6 year structural warranty period;
- the building suffers from subsidence or settlement;
- in certain circumstances, a structural problem can arise that is not the fault of the builder. In these
circumstances the QBCC will rectify the problem.
Your lending authority will require building insurance to be in place before they will advance any funds towards the construction of the home.
To check if your home is covered, and to find out how to claim, follow this link to the QBCC website for more information about Home Warranty Insurance.
*QBCC is a government body that controls the building industry and administers this insurance for all new homes.
If you have any more questions about building insurance for construction of your new home, please contact us.