I was told Homebond were bankrupt by my mgt company when I went looking into a similar issue. I don't know what they are for, I'm sure a payment to them was built into the house purchase price. It's unbelievable the amount of people who fleece you when you buy a house, local city council screwed the people who bought in the estate as well. Farcical.
Exactly! Homebond is a waste of time, effort and money. And best of all, the Insurance Ombudsman says it's not an insurance policy and they have no jurisdiction. So if Homebond refuse your claim, you have no process of appeal except a court action.It's not like you could opt out of it and buy yourself a better policy.
Banks usually insisted house was covered under one or the other but never came across anyone having the option to pick for themselves which to go with, usually the builder had made that decision.
Did you read the terms & conditions of the Homebond policy you were buying? If not, you are complicit in your own fleecing.
I benefited under Homebond a number of years ago. I had an issue with Roof trussing and I contacted Homebond who contacted the builder and he sent people to fix the roof. My house was 9 years old at that time. This was dealt with very quickly. (The Homebond Guarantee lasted only 10 years).
It now seems that I was lucky to benefit from the process.
Marion
I, and the people who bought at the time, were fleeced by the local council and a compulsory scheme. Anything helpful to add?
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