NSW Home Builders Warranty 2017 Reforms & Finsura Services

As you might already be aware, there are major reforms taking place to Home Builders Warranty which will likely impact your business.

The first proposed change, an increase in premiums, will take effect on 3 April 2017. This is partly designed to ensure the Fund’s (HBCF / iCare) ongoing sustainability and partly as a counter to the fact that premium rates have not historically kept pace with actual claims, resulting in considerable shortfalls.

Finsura specialise in Insurance for the construction industry and work with some of NSW’s biggest builders. We are looking to help you better understand the changes with Home Builders Warranty, while also offering you an alternative for your next “Annual Eligibility Review”. We too are significantly affected by these legislative changes. Effective from 3 April, for instance, the guaranteed commissions paid to brokers will be eliminated, representing a loss of 15% per policy.

It’s important to note that your current broker should be in contact with you to negotiate their service fee. We pride ourselves on providing quality service to our clients and in handling their portfolio with the utmost professionalism and are aware that to continue to levy the same percentage as our broker fee will impact your profit margin.

We would love the opportunity to discuss how Finsura can assist you with the following:

  • Price: How much you pay for your premiums, including how to influence Risk Based Pricing.

  • Broker Service Fee: The ability to shop around for an honest service fee.

  • Limits: We might be able to assist you if you need your limits for construction increased.

With over 40 years experience, Barry Sonter and the team at Finsura are looking forward to connecting with you to answer any questions you may have.