The Act specifically excludes this requirement for residential apartment buildings over three levels in height. The Home Building Compensation Fund (HBCF), like other mandatory home building warranty schemes that operate in other states, is meant to act as a last resort for homeowners if their builder fails to complete the works described under their contract or doesnt rectify work that is carried out but deemed to be defective.
It appears to be a reasonable proposition to have some safeguard for unexpected events, which is conceptually what an insurance product is designed for. But like all insurance policies, you must read the conditions in the fine print, particularly when it comes to this rather unique insuranc…
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