Report suggests mandatory insurance for new home builds and major renovations

A new report by the Ministry of Business, Innovation, and Employment (MBIE) suggests that insurance should be compulsory for new house builds and major renovations. The report included 470 submissions on seven major proposals meant to amend the outdated Building Act 2004. The submissions came from engineers, builders, and consumers. According to the report, insurance should be compulsory for people building their new home or those doing a renovation worth over $30,000. It also suggested that all residential buildings should be covered – even medium-density housing and high-density housing such as apartment complexes and mixed-use buildings.