Home Warranty Insurance

State: New South Wales

Cover Built for the Way You Work

Home Building Compensation Fund (HBCF) is a statutory insurance scheme that provides mandatory home building compensation cover for eligible residential building work in New South Wales

COVER FOR

Home building compensation protection for residential building wor

What is Home Warranty Insurance?

Mandatory Threshold: value of work is over $20,000

Cover types: home building compensation fund

Home Building Compensation Fund (HBCF) insurance, previously known as Home Warranty Insurance, is a mandatory statutory scheme in New South Wales that protects homeowners and future homeowners when a building business is unable to complete residential building work or meet certain statutory warranty obligations due to circumstances such as insolvency, death, disappearance or licence suspension. HBC insurance is generally required for residential building work valued at more than $20,000, including GST, unless an exemption applies.

For builders, HBCF insurance must be obtained before starting work or accepting payment, including a deposit, for an applicable project. MBIB can assist builders with the HBCF eligibility and insurance process, helping them understand the requirements and navigate the application process for their residential building projects.

KEY BENEFITS

Experienced staff with financial literacy skills

48 hour turnaround on job specific applications

Dedicated specialist warranty team

Proactive eligibility limit management

Our Eligibility team is unique within the market

Our Eligibility team is responsible for assisting you with initial eligibility applications and ongoing eligibility reviews, as well as attending to your general queries about Domestic Building Insurance.

We are committed to providing you with a comprehensive service, ensuring that all eligibility enquiries actioned are within our service standards. We also conduct pre-submission quality assurance reviews to guarantee that all eligibility review submissions meet the requirements of the various states and territories.

Our recruitment for eligibility personnel focuses on financial literacy and experience, rather than just a general insurance background. We seek degree qualified, skilled professionals with experience in insolvency, accounting and finance. This allows us to have effective conversations with you and your appointed accountants or financial advisors, so that we achieve quality and realistic outcomes for you.

We take a proactive approach that often involves an education element (for you and your accountant or financial advisor) to ensure you understand the Domestic Building Insurance process. We advise how you can position your business to balance your responsibilities under your state-specific scheme and your future plans for your business.

Ready when you are