– Changes to the Home Building Compensation (HBC) Scheme –
The Home Building Compensation (HBC) Scheme, formerly known as Home Warranty Insurance, is constantly being reviewed and has new requirements that take effect on 1st July 2018 for contracts over $20,000.
Whilst the minimal cover standards remain, all builders will be required to disclose the HBC cover cost in future building contracts exceeding $20,000. This is intended to provide “better transparency for homeowners”, (per NSW State Insurance Regulatory Authority’s (SIRA) article, Home building compensation reforms).
Owners or Strata Managers can now check their HBC insurance policy certificate and any previous claims through a new online tool created by SIRA – the HBC Check. Leading to a reinforced “monitoring” and “regulated” system throughout the home building compensation scheme.
Fire Safety Constructions welcomes changes such as this which add transparency to the process and provide owners with an increased level of information.