About HBCF Insurance
HBCF Insurance (previously known as Home Warranty Insurance or Builders Warranty Insurance) provides a safety net for homeowners to compensate for losses due to a builder not being able to honour their building commitments. This can occur because of insolvency, death, disappearance or suspension of the builders licence where they have failed to comply with NSW Civil and Administrative Tribunal or Court order obtained by the homeowner.
Under the Home Building Compensation (HBC) Scheme, if residential construction projects exceed $20,000 it is compulsory for licensed builders and contractors to have an HBCF Insurance policy in place.
If you are a homeowner, it is your responsibility to ensure that you have received the appropriate certification from your builders and contractors before paying your deposit and beginning any building work. If you fail to do so and your builder is unable to complete construction, you will be unable to make a claim.
Home Warranty Insurance Scheme (HWIS)
The Home Building Compensation Fund (HBCF) changed it’s name from the Home Warranty Insurance Scheme (HWIS) in January 2015. The name change was considered to better reflect the HBCF’s role as a safety net for home owners.
HBCF Reforms
Based on actuarial estimates, on 30 June 2016, the HBCF Insurance Scheme was $375.8 million in deficit. To ensure it can continue to protect homeowners into the future, the HBCF announced reforms in November 2016. Reforms will involve changes to the way HBCF Insurance premiums are calculated.
You can find out more information about what the reforms will mean for you by speaking with your Coverforce Insurance Broker, or by visiting the iCare HBCF website.
How Coverforce can help
Coverforce has a dedicated team of insurance brokers and administration staff that can assist builders and contractors with the following tasks:
- Lodgement of a new application for eligibility under the HBCF Insurance Scheme
- Notification of eligibility reviews and subsequent outcomes. We can also guide you on how to respond to any outcomes from your application.
- Eligibility profile changes such as changes to the type(s) of construction you do or to increase your job limit.
- Submitting an application for a Certificate of Insurance (COI)
- Lodgemet of a notification of a completed project
- As an approved distributor of HBCF Insurance, our team can also assist other insurance brokers to obtain HBCF Insurance on behalf of their builder and contractor clients.
For further assistance, please don't hesitate to contact your local HBCF service team.
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