No, but recent law changes mean that cover can be offered as two separate contracts of insurance (split cover) by licensed private operators in the HBC market from early 2018.
Split cover will double the total cover for the homeowner to a minimum of $680,000, including:
- construction period cover, with a minimum of $340,000 for the risks of non-completion* and associated defects during construction, and
- warranty period cover, with a minimum of $340,000 for the risks of defects after completion.
If a contractor or home owner chooses split cover, they must purchase both construction and warranty period cover.
The existing minimum of $340,000 in combined cover will continue to be available as a single product for non-completion and defects within the statutory warranty period.