New homebuyer insurance cover launched

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While home warranties are part and parcel of buying a new home, this is the first time that a similar concept has been applied to second-hand home purchases.

The product, called Starr Safeguard, will be offered by real estate group Starr Partners on their Sydney listings at the vendor's request.

Vendors must opt in to the cover before settlement, with the policy then being transferred to the buyer's name during the settlement process.

“Today, just about everything comes with a warranty – including newly built homes," says Starr Partners CEO Douglas Driscoll. "Until now, however, Australian home buyers have never had an option for a second-hand home purchase.

“This type of cover is hugely popular in the US, with 90% of homes in California sold with it. Starr Partners is excited to be the first ones to offer this in Australia.”

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