A lot can happen between the laying of the foundation and the completion of a building. Builders warranties are designed to give principals and financiers peace of mind that the construction project will be delivered as agreed in the building contract.
How it works
If your builder can’t complete the job (e.g. due to insolvency, death or disability), your warranty company will find another builder to finish it, while also covering any extra costs. Plus, your builders warranty will protect your deposit and cover you for any structural defects, usually for up to 10 years.
Although not compulsory here in New Zealand, being such a robust ‘safety net’, builders warranties are often demanded by banks and insurance providers when buildings are being constructed.
What’s more, your builders warranty can be transferred to the new owner, giving potential buyers greater confidence when purchasing your property.
Get in touch
Like to ensure that your building work is as stress-free as possible, and completed to the highest standards? Please get in touch with the team at Bonded NZ to get your protection in place.