Cover provided by the Guarantee
The total claims under a Master Build 10-Year Guarantee may be up to either $1,000,000 or the value of the building contract, whichever is less.
Cover can include:
- Loss of deposit (optional): up to $50,000 or 10% of the value of the building contract, whichever is less.
- Non-completion (optional): up to $500,000 or 20% of the value of the building contract, whichever is less.
- Materials and workmanship: for 2 years after the date of practical completion.
- Structural defects: for 10 years from the acceptance date of the Guarantee.
- Temporary accommodation: up to $10,000.
Loss of deposit (optional)
This cover protects you if you have paid a deposit, but the builder is then unable to start the project (for example, they go into liquidation).
You can claim up to $50,000 or 10% of the value of the building contract, whichever is less.
A deposit allows your builder to undertake preliminary work, such as planning, consenting, site set up, or purchasing materials. The deposit should not be more than 10% of the build cost.
Cover under New Zealand legislation
Non-completion (optional)
Once permanent work begins onsite, cover moves from loss of deposit to non-completion. This cover protects you if the builder is unable to complete the project (for example, they go into liquidation).
You can claim up to $500,000 or 20% of the value of the building contract, whichever is less.
Cover under New Zealand legislation
Materials and workmanship
We will assist if your builder is unwilling or unable to remedy issues with the build as outlined in your contract. You remain protected even if your builder stops trading.
Issues may include where the builder has not built something in the way it was specified, or where defects have not been addressed.
You have cover for 2 years after the date practical completion was reached. Your builder must forward us the notice of practical completion promptly.
Final inspections and practical completion
Cover under New Zealand legislation
Usually a legal process, and only provided if the building company is still trading:
- Building Act: 1-year implied warranty
- Consumer Guarantees Act: possible limited cover.
Structural defects
We will assist if the work carried out by your builder results in structural defects to your home. You remain protected even if your builder stops trading.
Structural defects include failure of load-bearing functions and damage which makes your home unsafe, unsanitary, or uninhabitable.
You have cover for 10 years from the acceptance date of the Guarantee.
Cover under New Zealand legislation
Usually a legal process, and only provided if the building company is still trading:
- Building Act: 10 years from completion for specific items.
Temporary accommodation
If you need to vacate your home while remediation work is done under a claim, this cover provides temporary accommodation costs.
You can claim up to $10,000.
Make a claim
If you need to make a claim under a guarantee, our team are ready to guide you through the process.
Make a claim
Cost of the Guarantee
A Master Build 10-Year Guarantee typically costs less than 1% of the build cost for a new home.
Pricing is tiered so you get appropriate coverage for the value of the building project.
Partial cover excludes protection for loss of deposit and non-completion.
| $30,000 - $200k |
$910 |
$730 |
| $200,001 - $400k |
$1,575 |
$1,270 |
| $400,001 - $600k |
$1,875 |
$1,515 |
| $600,001 - $800k |
$2,120 |
$1,700 |
| $800,001 - $1m |
$2,360 |
$1,875 |
| $1,000,001 - $1.5m |
$2,665 |
$2,120 |
| $1,500,001 - $2m |
$3,330 |
$2,665 |
| $2,000,001 - $2.5m |
$3,850 |
$3,300 |
| $2,500,001 - $3m |
$4,675 |
$3,850 |
| $3,000,001 - $3.5m |
$5,500 |
$4,675 |
| $3,500,001 - $4m |
$6,325 |
$5,500 |
Compare our guarantees
Our Master Build 10-Year Guarantee and BUILD+ Guarantee provide different levels of cover, to suit the type and size of your home building project.
Compare cover provided by our guarantees (PDF 150KB).
Our building guarantees – right protection for your project
Apply for a Guarantee
A Master Build 10-Year Guarantee is not automatically provided by using a Master Builders member. The Guarantee is separate from a building contract and must be applied for.
Your Master Builder will complete the Guarantee application form with you, then submit it to us on your behalf.
We will let you and your builder know the outcome of the application. Get in touch if you have not heard from us within 14 days of signing the application.
The application must be approved before building work can start. You will not be covered unless you receive confirmation.
If you do not want guarantee protection, you must sign a waiver to say you have declined the offer. Your builder must lodge the waiver with us.
For more information on our guarantees, talk with your Master Builder or one of our team.
Contact us