Taking the time to check builders’ and tradies’ credentials upfront is the best way to avoid problems when building, extending or renovating.
Those thinking of building a house or undertaking an extension or major renovation are urged to make sure their builder or tradespeople have appropriate insurance, as the number of insolvencies among licensed building companies for 2024 is expected to exceed historical highs.
Patrick Schweizer, a director of Alares, says the figures do not include tradies who work for themselves, but that it is likely the trend among tradies would be similar to what is happening with builders. Tim Reardon, chief economist at the Housing Industry Association, says it is likely the worst of the increase in insolvencies is behind us.
where it is called Home Building Compensation Cover and is overseen by icare and regulated by the State Insurance Regulatory Authority .In, it is called Domestic Building Insurance and is required for jobs worth more than $16,000, including GST. As in New South Wales, builders and contractors have to show proof of cover to the homeowner before asking for a deposit or starting work.
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