icare adds pricing transparency to HBCF premium calculator
Premiums displayed will now include the builder’s weighting, assisting in more accurately estimating the cost of HBC insurance.
From 17 June 2023, premium pricing shown on the icare HBCF premium calculator will automatically include the loading or discount a builder receives from icare in the premium calculation.
This change will assist homeowners in more accurately estimating the cost of HBC insurance to be paid, considering the category of work and the specific builder.
It brings icare HBCF in line with the requirements detailed by the State Insurance Regulatory Agency (SIRA) in the updated SIRA Guidelines for managing Home Building Compensation insurance premiums and eligibility.
When using the icare HBCF premium calculator, inserting a builder's licence number will include their risk-based factors in the calculation of the premium price for HBCF cover (Certificate of Insurance).
The change makes the pricing process more transparent for users of the HBCF premium calculator, particularly for homeowners.
Note the price does not include any additional broker fees. Maximum fees for icare's panel of authorised HBCF distributors are separately listed on the icare HBCF website here.
