Current at: 13 November 2008
HIA, Australia’s largest building industry association has welcomed the recommendations contained within the majority report of the Senate Committee on Economics into Australia’s Mandatory Last Resort Home Warranty Insurance scheme.
HIA Managing Director, Dr Ron Silberberg said, the majority report demonstrates a comprehensive understanding of the real issues concerned and makes practical and appropriate recommendations to improve the current scheme.
The report notes that there was no suggestion that Home Warranty Insurance is a significant issue for the affordability of housing.
“Recommendations contained within the majority report if implemented will provide substantial improvements to the scheme, particularly for consumers,” said Ron Silberberg.
HIA supports all recommendations contained within the majority report and looks forward to their implementation.
A summary of recommendations of the Majority Report include:
1. All parties receive a copy of the insurance certificate, summary of product and dispute resolution procedures and a name change for the insurance.
2. That CoAG and the Ministerial Council on Consumer Affairs (MCAA) pursue a nationally harmonised ‘best practice’ consumer protection for domestic building, including the HIA proposal for a ‘guarantee of completion’.
3. That CoAG and the Ministerial Council on Consumer Affairs pursue a nationally harmonised scheme of detailed reporting on home warranty insurance.
4. That home warranty insurance should be included in the National Claims and Policies Database.