Purpose of the Guarantee
The Master Build Multi-Unit 10-Year Guarantee provides cover if your builder is unable or unwilling to address defects once your home in a residential development is completed.
The Guarantee ensures a level of protection that may not be provided by general insurance or New Zealand legislation.
Master Build 10-Year Guarantee
For standalone homes, we offer the Master Build 10-Year Guarantee.
Master Build 10-Year Guarantee
Coverage of the Guarantee
The total claims under a Master Build Multi-Unit 10-Year Guarantee may be up to the value of the build cost or as follows, whichever is less:
- $200,000 for a 1-bed unit/studio
- $225,000 for a 2-bed unit
- $250,000 for a 3-bed unit.
Coverage includes:
- materials and workmanship
- structural defects.
Materials and workmanship
This cover applies if your builder is unable or unwilling to remedy issues with the build as outlined in your contract.
This may include where the builder has not built something in the way it was specified, or where issues or defects raised during the final review of the home have not been addressed.
Quality of build
The builder must forward us the notice of practical completion. You have cover for 2 years after the date practical completion was reached.
Cover under New Zealand legislation:
If the building company is still trading:
- Building Act: 1-year implied warranty
- Consumer Guarantees Act: possible limited cover.
Structural defects
This cover protects you if the work carried out by your builder results in structural defects to your home.
This includes 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:
If the building company is still trading:
- Building Act: 10 years from completion for specific items.
Cost of the Guarantee
Pricing of the Master Build Multi-Unit 10-Year Guarantee is tiered, so you get appropriate coverage for the value of the building project.
Costs are often covered upfront by your builder or developer but may be included in the price of the property.
| $30,000 - $200,000 |
$800 |
| $200,001 - $400,000 |
$1,400 |
| $400,001 - $600,000 |
$1,665 |
| $600,001 - $800,000 |
$1,865 |
| $800,001 - $1m |
$2,065 |
| $1m+ |
Cover not available |
Ask for a Guarantee
A Master Build Multi-Unit 10-Year Guarantee is not automatically provided by using a Master Builder. The Guarantee is separate from a building contract and must be applied for and approved before building starts.
Ask your builder or developer if a Master Build Multi-Unit 10-Year Guarantee is available for your home.
For more information on the Master Build Multi-Unit 10-Year Guarantee, talk with your Master Builder or one of our team.
Contact us