Home Warranty Insurance"Looking for Easy To Follow Guide for your Home Warranty Insurance?" Home Warranty is compulsory to be obtained by all of the home building contractors. The building contractors need to submit a complete application form, attached with their latest financial records and all of the required information that stated in the application form to an approved insurer. If a building contractor was taking their home warranty plan from another insurer, then they will need to declare all the jobs that undertaken and currently insured for the past 12 months. Basically, a home warranty assurance will need to be provided by a builder or a trade person before taking any money from a home owner ( including an owner builder ) under a residential building contract and before the commencement of work on that contract. Besides, the developer will also need to get a home warranty assurance before enter into a contract for the sale of a property on which a contractor has building a residential building work for that developer. Since 1 March 2007, the home warranty assurance minimum coverage sum insured is USD 300,000.00; the claims for incomplete works are limited to 20% of the contract price or USD 300,000.00; whichever is lower.
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