Home Warranty insurance for licensed builders and contractors
Whether seeking home warranty insurance for the first time or reviewing present arrangements, builders are required to present applications and documentation to obtain eligibility from an insurer.
The level of turnover sought can vary the process.
Pricing can only be determined once the insurer has assessed your application.
We recommend you talk to one of our experts who can assist you to choose the product best suited to your business.
What does Home Warranty cover?
Home Warranty insures the home owner (either the original owner or subsequent owners) against:
- Non completion of the building contract
- Failure of the builder to correct faults, which are deemed by law to be the builder's responsibility, for a nominated warranty period. These contingencies are poor workmanship, faulty design, and inadequate or unsuitable materials.
Legislation outlining the extent of Home Warranty insurance cover to the home owner varies across states, the following provides a brief comparison of the various state requirements:
When is Home Warranty Insurance compulsory?
NSW Home Warranty Insurance
- Any residential building work over the amount of $20,000 requires Home Warranty insurance.1
- The insurance covers up to the amount of $340,000.
- Period of Home Warranty cover for major defects is 6 years after completion of works, and 2 years cover for non-major defects 2
For more information visit the following NSW government websites:
In NSW, builders can issue Home Warranty certificates for their own project, rather than the Ballina Insurance Brokers Specialist Services team having to do this for you. Click below to find out more about the icare Home Building Compensation Fund (HBCF) Self-Service Portal.
The HBCF Builder Self-Service Portal is a convenient alternative to having your certificates issued by the Ballina Insurance Services team and still involves our expert client service representatives reviewing and binding your certificates.
What will I be using the portal for?
1. Applying for certificates of insurance
You can now apply for your HBCF insurance certificate for new jobs online and track your applications through the self-service portal.
2. Complete a job
You can also complete an open project by selecting the policy number of an open job and adding a completion date to close the job.
3. View important information
- Eligibility assessment results
- Certificate of eligibility
- Next scheduled eligibility assessment
- Summary of current projects
- Snapshot of your maximum job allowance capacity
- Quote on future insurance premiums
- Current certificates of insurance
How do I get access to the portal?
To gain access, you will need to appoint a self-service portal manager within your business and send us their full name, mobile number and email address to firstname.lastname@example.org. The portal manager can then appoint clerical users in your business to perform basic tasks, who will not have access to sensitive information about your business.
As your broker, we will arrange to have HBCF provide your self-service portal manager with their login details.
Visit the icare website to find out more and take a look at the portal.