From 1 March 2024, icare HBCF will be making some adjustments to the premium base rates. This is to ensure the scheme remains financially sustainable and can continue to protect NSW homeowners. What’s changing? • H01 – there is no change in base rates• H02 – a reduction in base rates• H03 – an increase … Read more
From 1 November 2023, iCare HBCF rolled out an updated Eligibility Manual (EM v11.2) The revamped manual aims to further simplify and streamline the eligibility assessment process.
On 1 October 2022, HBCF’s simplified Construction Types came into effect. The five new construction categories simplify the way HBCF premiums are calculated, making the system more user-friendly with standardised descriptions. The new HBCF Construction Types are: H01, New Dwelling Construction: Residential building work relating to the construction of a Class 1a building and any … Read more
As you may be aware, from 1 October 2022 icare HBCF is introducing new Construction Types, transitioning from C0 to H0 Construction Types, with Premiums also changing. To implement these changes successfully, icare HBCF have developed a transition schedule: C Type submissions are required to be lodged by 28 September 2022. We recommend you get … Read more
From 1 October 2022, icare HBCF will be introducing new Construction Types, with Premiums also changing to align with these new categories. What’s changing? icare HBCF will be reducing the number of Construction Types from nine to five. In addition, structural and non-structural categories will merge, and the use of land title as a basis … Read more
Have you heard about the benefits of the icare HBCF Builders Portal? The online self service portal enables builders to apply for certificates of insurance and access their information on the HBCF database. It gives you the flexibility to monitor and manage your entire portfolio at a time that suits you. The self service portal … Read more
You may have heard that icare HBCF is introducing a new streamlined eligibility system. It will make applying for home building compensation insurance simpler and easier. From 1 July 2022, icare HBCF are introducing an auto-assessment process for System Reviewed and Small Builders. A simple risk-based assessment will be used to determine eligibility. For most … Read more
Dear clients, As announced during 2017, reforms to the Home Building Compensation insurance scheme have been implemented to ensure that the fund regains financial stability so it can continue to protect NSW homeowners now and into the future. Following a premium filing submission to the State Insurance Regulatory Authority (SIRA), a premium rate change will … Read more
In November 2016, reforms to HBCF were announced. Risk-based pricing The introduction of risk-based pricing means building contractors are offered premium prices that reflect their individual level of risk. This will reduce the subsidisation of higher-risk contractors by their lower-risk counterparts. Risk-based pricing also provides an incentive for building contractors to reduce their risk to … Read more
iCare HBCF insurance is not financially sustainable and without reform, this will compromise its ability to protect homeowners now and into the future. Premium prices have not kept pace with the insurance claims experience of the fund and pricing did not cover claims costs and other related expenses. New Premium prices effective from 2nd October … Read more
Our dedicated team can assist you in obtaining eligibility for HBCF Insurance and issuing Certificates of Insurance. Call us today to review your Home Builders Warranty Requirements.
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