NSW | Home Warranty Insurance | icare HBCF

NSW Home Warranty Insurance (Home Building Compensation Fund cover) covers the Homeowner in the event the Builder or Contractor dies, disappears, becomes insolvent, or has a non-compliant NCAT or Court money order which results in their building license being suspended.

The builder/tradesperson must obtain this cover before any work commences and before taking any payment under the contract, including the deposit.

If you’re a licensed builder or tradesperson about to undertake a residential building project in New South Wales valued at over $20,000, you’re legally required to have, and show evidence of having, NSW Home Building Compensation Fund (HBCF) cover (also known as NSW Home Warranty Insurance). However, it doesn’t apply for new buildings over three storeys that contain two or more dwellings.

This includes, but is not limited to, the following types of builders and contractors for example:

• New home builders (both non-project and project home builders)
• Residential renovation builders – single dwelling
• Swimming pool builders
• Shed builders
• Remedial repairs builders – Class 2 buildings
• Trade contractors when contracting directly with the homeowner.

There are basically two-steps to getting NSW HBCF cover:

• Step One: Apply for Eligibility
• Step Two: Submit a Project Application Form/s.

STEP ONE
First, a builder or tradesperson needs to apply for new Eligibility or an Eligibility Review with HBCF through your HBCF broker distributor, Master Builders Insurance Services. This is a form our team will help you complete with the right information to help get a quicker response from HBCF.

HBCF will review your Eligibility application and undertake a risk assessment to determine if you’re eligible for NSW Home Building Compensation Cover (HBCF). If approved, your Certificate of Eligibility will state how much work you can take on and the types of works you can undertake.

You may need to apply for Periodic Eligibility Reviews on an ongoing basis - the frequency is determined by icare HBCF.

This is where our low fee for New Eligibility Application and no-fee for Eligibility Review Applications can help save you money!

STEP TWO
Once you have been approved and received your Certificate of Eligibility, our industry insurance specialists will help you complete your Project Application Form/s.

You will need to submit a new Project Application Form for each new project as they arise. This application must be completed, submitted and cover secured with confirmation from HBCF before you commence any work on the project, or receive any payment (including deposit).

No - there are currently only nine approved HBCF broker distributors, of which, Master Builders Insurance Services is one. We have some of the lowest fees for Eligibility and Builder Profile Changes Applications, along with project application fees, and we are known for our expert advice, fast service and ease-of-process.

Using Master Builders Insurance Services dedicated Home Warranty Insurance team will take the hassle out of the process. We do the heavy lifting and interpret complicated insurance terminology into meaningful, clear information to help you make the most informed decision with ease.

When you need cover for each project, we make the application process smooth, quick and as easy as possible so you can get on with the job.