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INCOMPLETE: Unfinished homes were dotted around Perth after Capital Works Constructions collapsed.

Insurance premiums hit as builders’ failure continues to cost

New home buyers are set to wear the costs stemming from the collapse of three Perth-based builders.

The Building Commission has been urged to take a tougher regulatory stance on the conditions under which builders can operate, after QBE Insurance Group announced another hike in home indemnity insurance premiums following the collapse of three builders this year.

From January 1, housing indemnity insurance, which is a last-resort insurance to protect consumers in the event of a builder’s collapse, will cost 18 per cent more through QBE.

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Comments

Lakelands
We are one of the 84 homes that was in the pipeline. Waiting on building approval we realised they were stalling on sending plans to shire, we went seeking information and it was around the same time the story came out. Delloitte advised us to contact QBE Insurane to make a claim for us only to find Freelife Homes had not taken out Indemnity Insurance for our new home.We have lost our deposit and now have had to start the whole process again and out of pocket.

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