Home Builders Warranty Insurance
Home builders warranty is compulsory in NSW for all jobs over $20,000 under the Home Building Act 1989.
As an approved broker by iCare HBCF with over 16 years’ experience you can trust that we have the knowledge to assist you efficiently and effectively in your builder’s warranty needs.
The Home Building Compensation Fund provides a safety net for homeowners in NSW faced with incomplete and defective building work carried out by a builder or tradesperson.
Licensed builders/tradespeople that take on residential work valued at $20,000 or more need insurance cover through HBCF. They must obtain this cover before starting any work or taking any money under the contract, including the deposit.
Through our HBW Solutions Division we facilitate the process for risk assessment of builders and tradespeople to determine their eligibility to obtain insurance cover. Certificates of Eligibility set out how much work a contractor can take on at any one time.
Once a builder or tradesperson has eligibility, they can apply for a Certificate of Insurance for individual projects which they contract to do.
Did you know?
If you do not provide the homeowner with a HBCF Certificate of Insurance (or evidence of cover from another HBCF provider) for your job before starting work and/or receiving any payment (including deposit) you may be in breach of the Home Building Act 1989.
Penalties for not providing the requisite insurance have been strengthened. Fines may occur and possible imprisonment for up to a year will be a sentencing option for repeat offenders.
