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The South Australian government is asking people for their views on new regulations, which would safeguard anyone seeking to build or renovate their homes.
The measures, which may affect homeowners from all over the state, are being considered as private insurers were withdrawn from the state’s building indemnity insurance market last year.
State finance minister Michael O’Brien explained how the government took over the management of building indemnity insurance to ensure consumers could still access the protection they need.
“In South Australia, any building project with a value of $12,000 or more and requiring council approval must have a building indemnity insurance policy in place before work can begin,” he noted.
Anyone offering guidance on real estate law in South Australia will no doubt be aware of this fact and will need to make sure their clients are too.
Recent changes to the market mean now is the right time to consider this issue and determine what building protections need to be put in place to offer assistance to South Australians.
Building indemnity insurance is designed to support consumers should their builder die, disappear or become insolvent at any point during their contract.
Undertaking such a large-scale investment means people want to feel they have the greatest protection possible should the build or renovation work suddenly go awry.
The government announced it will be giving consideration to whether there could still be a role for private insurance providers in the near future, especially if they are going to offer homeowners peace of mind.
The review can be accessed online and a public forum is also being hosted on the SA government website where people can discuss and put forward their views.
Anyone with an interest in the issues is encouraged to head online and make their opinions known.
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