Latest changes to HBCF | Home Building Compensation Fund (HBCF) | Master Builders Insurance Brokers (MBIB) | Homeowners Insurance | Home Warranty Insurance New South Wales

Latest changes to HBCF reforms.

1. Premium changes

Premiums will be increasing effective 1 January 2021 for the following construction types:

mbib hbcf dec table

IMPORTANT NOTE:
HBCF have confirmed the following changes will not occur: 

  • Premium increase from 1 January 2021 for Construction Type 'C09 – New Duplex, Dual Occupancy, Triplex, Terraces'
  • Construction Type 'C07 – Other' will not be removed


In order to facilitate a smooth transition to the new rates from 1st January, any project that you wish to have processed under the existing rates MUST be received & quoted by Tuesday, 8 December 2020 with payment to be received by Friday, 11 December 2020.

If you are unable to submit the application to us by this date, you may be charged the new rates.

Questions?

For more details, please see the Frequently Asked Questions from icare HBCF.

 

2. New HBCF eligibility / profile change form

icare HBCF have released version 5.0 of the "new Builder Eligibility/Profile Change form" which contains a minor amendment that relocates the applicant key contact details.

Please note: Only this form will be accepted from 1 January 2021

 

3. New project application forms

icare HBCF have released version 4.1 of the Multiple Dwelling and Non Multiple Dwelling project application forms. The forms include updated information to assist you in selecting the correct building construction type for your project.

Please note: Only these forms will be accepted from 1 January 2021

 

4. New completion advice form

Due to changes effective 1 March 2020 if the contract price exceeds 20% of the original value, builders are required to vary the certificate & pay any additional premium prior to closing the job off. Non-reporting and payment of variations may have an impact on your eligibility. Download the form here.

Please note: Only this form will be accepted from 1 January 2021

 

5. Project classification infographics and information

HBCF has prepared updated infographics for the construction types of primary and secondary dwellings. There is also a new information sheet defining structural and non-structural work for the purposes of the HBCF.

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HBCF Primary Construction Types Infographic

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HBCF Secondary Dwelling Construction Types Infographic

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Structural vs Non-Structural Construction Type Classification Information

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