Building work on residential building in the Territory must be covered by complying residential building insurance. This is often referred to as warranty insurance or builder’s warranty insurance.
Currently, in the Territory, builders and homeowners only have a single option for insurance provided under the NT Fidelity Fund scheme.
Over several years, the current NT scheme has experienced a number of challenges and been subject to past government reviews that recommended alternate approaches to the current model.
In past government reviews, it has recommended that the NT adopt a similar model to enable greater choice for builders and homeowners.