Individuals who are building or renovating their property in Adelaide are among those being asked for their views on how building indemnity insurance operates within the state.
The government has launched a review after private insurers were withdrawn from the South Australian market last year.
Before work can begin on any project valued in excess of $12,000, council approval must be sought and a building indemnity insurance policy needs to be in place.
Minister for finance in SA Michael O’Brien said after private insurers withdrew from the market, the state government took over to ensure builders and consumers could still access the protection they need.
“Building indemnity insurance supports consumers in the event their builder dies, disappears or becomes insolvent and remains an essential part of South Australia’s home building protections,” he commented.
Mr O’Brien said now is the right time to take a fresh look at the market and determine whether it provides the right level of protection to consumers.
There will also be a discussion over whether there is still a role for private insurance providers in the future and how the needs of homeowners and builders will continue to be met.
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