PropertyCover Launches Home Buyer Cover in Australia

For the first time in Australia, home buyers will be able to insure themselves against costly repairs when buying an existing home by insuring with HomeSource, a leading Sydney-based home services company.

Sydney, Australia, September 02, 2011 --( Home Buyer Cover will help buyers of established homes deal with those unexpected expenses that crop up including electrical, plumbing and gas problems, locksmith issues, the failure of major electrical appliances as well as roof damage and impact damage. It also covers the seller of the property during the sale process and the eventual purchaser.

HomeSource director Pia Vogel said existing homes are the single biggest purchase most people make but she’s always wondered why they are almost the only thing you buy that doesn’t come with a warranty.

“New homes and many other important purchases such as cars, washing machines, and computers all come with warranties.” HomeSource director Pia Vogel said.

“And with the unpredictability of auctions and the high cost of building inspection reports, more and more people are taking pot luck and not getting the reports done.

“Home Buyer Cover is ideal for those people as it’s a cost effective way of mitigating the risk. In addition, it provides cover for many things that a typical inspection report would not address, such as electrical appliances,” Vogel said.

Home Buyer Cover is available through HomeSource and via real estate agents. Starr Partners is the first real estate group to join with PropertyCover, HomeSource’s insurance arm. Called Starr Safeguard, the cover will be included exclusively in Starr Partners Sydney property sales at the vendor’s request.

Starr Partners research found 97 per cent of Aussie home owners thought it was important that the home they were considering buying came with this sort of warranty.

“Buying and selling property can be an extremely stressful task, and is something many people find quite daunting. Home Buyer Cover aims to mitigate some of the financial risks often associated with the process of buying a new home and around 90 per cent of homes sold in California had this insurance in place at the time of sale,’’ Ms Vogel said.

Other findings in the research showed that nearly two thirds of Australians surveyed had to carry out these sorts of repairs in the first 12 months of owning a property.

“With these sorts of statistics I’m confident Aussie home buyers and investors will respond positively to this innovative insurance – the first of its kind Australian product.”

HomeSource Ltd
Pia Vogel
+61 283991838
0411 876 366