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 in base rates
• H04 and H05 – an increase in base rates
Additionally, in line with State Insurance Regulatory Authority’s Premium Principle 1: Premiums are fair and reflective of risk, we will be introducing a maximum premium cap of $340,000 per certificate to prevent the cost of insurance exceeding the risk amount insured.
Premium rates for H0 Construction Types effective 1 March 2024
Metro Base Rate
Rural Base Rate
Note: Rates in the table above are for rural areas. A 20% discount applies.
HBCF Premium Calculator has been updated
icare HBCF have updated the premium calculator on their website to now include the new rates so you can forecast pricing when it comes into effect on 1 March 2024.
We’re here to help
If you have any questions on how these premium changes will impact you, you can email us at team@hbwsolutions.com.au or call us on 02 8075 0975.
