Why do licensed builders require residential builders warranty insurance?
Licensed Builders require a Letter of Eligibility from an insurer in order to renew and meet their license requirements (which may vary depending on the State Legislation). Licensed Builders must provide Residential Builders’ Warranty Insurance to their clients for all residential contracts in excess of $12,000. What does residential builders’ warranty insurance cover? Residential Builders’ Warranty Insurance protects the person on whose behalf work is to be done and the subsequent homeowners for loss or damage resulting from non-completion of the work or breach of statutory warranty because of death, disappearance or insolvency of the builder. Certain limitations apply when building more than 3 dwellings upon the one site. Residential Home Owner Builders’ Warranty Insurance Why do I need home owner builder insurance? All owner builders need to be aware that in order to sell a property (within 6 years after construction or alteration completion) that the individual State Legislations r
