A GUIDE TO HOME BUILDING COMPENSATION FUND INSURANCE

An essential safeguard for homeowners

You've probably known in the past about Home Builders Warranty Insurance. As of September 2015, this cover has been renamed 'Home Building Compensation Fund (HBCF) Insurance'.

All licensed building contractors in NSW are required to take out Home Building Compensation Fund (HBCF) Insurance for construction projects over $20,000, except for new high rise buildings. HBCF Insurance provides consumer protection for homeowners if their builder or building contractor cannot complete their residential building project due to insolvency, death or disappearance. It also protects you if the builder's licence has been suspended. Then if there is ever a dispute, a homeowner can simply claim on the Home Building Compensation Fund policy.

The Home Building Compensation Fund not only provides insurance cover, the organisation also assesses whether a contractor is eligible to obtain cover. A builder must first apply for a 'Certificate of Building' with the HBCF. If that is granted, the builder can then take out HBCF insurance cover.

Fortunately you don't need to deal with a government department to get it. As approved brokers for HBCF Insurance we can make it easier for you by handling your application. We've been arranging building cover since 1997, so talk to us first.

New organisation, all new protection

HBCF insurance is provided by 'icare' which stands for 'Insurance and Care NSW'. As part of the NSW Government, icare provides not only residential building insurance, icare integrates agencies including Workers Compensation, Lifetime Care & Support, Sporting Injuries Compensation and the Dust Diseases Authority. Rose Stanton are brokers for HBCF Insurance and can help you with any queries you may have about this new government agency.

HBCF reforms are better for homeowners

From April 2017, reforms to residential building insurance were introduced to better protect homeowners and to make the Home Building scheme more sustainable. These reforms will also mean changes to premiums over 2017-19. To understand how these reforms may affect you, or to arrange cover for an upcoming project, talk to Rose Stanton for practical advice.

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