Election 2020 - Party Policies - Housing - Insurance
25th Jul 20, 5:55am
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Insurance
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- ACT would reduce the cost of compliance for builders, and reduce the financial risk on councils, by removing council building certification, in favour of a compulsory bond or insurance over new buildings.
- Requiring insurance for the replacement of the building would ensure standards are upheld while reducing the time spent on council inspections and red tape.
- Replacing council building certification with compulsory insurance would incentivise insurers to find the most reliable builders and best building supplies to insure.
- The builders' incentive would be to get the best premiums and service, by proving they are building high-quality homes.
- Insurers could sign-off on building materials that are certified overseas, where councils are reluctant to today.
- Read more here.
- Establishing a government home-building insurance scheme to provide cover for homeowners in instances where the builder fails to rectify defects.
- Creating a statutory tribunal to hear and make decisions on building disputes.
- Read more here and here.
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