Home warranty insurance for licensed builders and contractors

Obtaining eligibility

Whether seeking home warranty insurance for the first time or to review present arrangements, the builders are required to present applications and documentation to obtain eligibility from an insurer.

The level of turnover sought can vary the process.

Builders up to $3m turnover

For builders working in these turnover levels, a range of products is available from different insurers. These products make it easier for the smaller builder to gain access to home warranty insurance eligibility.

Application for builders under $3m in annual turnover

Builders over $3m turnover

For the medium to large builder, there are also a range of choices available from the insurers, including those builders involved in large multi-unit construction work.

Application for builders above $3m in annual turnover

Pricing can only be determined once the insurer has assessed your application.

We recommend you talk to one of our experts who can assist you to choose the product best suited to your business.

Insurance coverage

If you are a licenced building contractor dealing directly with home owners, and you undertake work that is required to be warranted in your state, then you must purchase home warranty insurance prior to commencement of the work, or enforcing a conditions under a residential building contract.

Legislation outlining the extent of home warranty insurance cover to the home owner varies across the country, the following chart provides a brief comparison of the various state requirements.

	Period of Warranty Cover	Maximum Payout	Minimum Value of work to be insured	Excess Payable	Private or Public Scheme
VIC	6 years	$200,000	$12,000	YES	Private
NSW	6 years	$300,000	$12,000	YES	Private
NT	6 years	$80,000	$12,000	YES	Private
SA	5 years	$80,000	$12,000	YES	Private
QLD	6.5 years	$200,000	$3,300	NO	Public
ACT	5 years	$85,000	$5,000	YES	Private
WA	6 years	$100,000	$12,000	YES	Private
TAS	6 years	$200,000	$12,000	YES	Private

NB: All information and limits noted in the above table are provided for comparison only. Full details in respect to the complete state requirements should be sought from your state government authority.

What do I need to do to change my present warranty profile?

Once you have established your eligibility through HIA Insurance Services, you may need to vary your profile from time to time. For example you may wish to:

• Increase your turnover
• Increase your contract value limit
• Apply for Architect tender work

We recommend you talk to one of our experts who can advise you about the insurer requirements for changes to your eligibility.

Need a certificate of insurance for a new project?

If you already have home warranty insurance eligibility with HIA Insurance Services, you need a specific project application form to obtain an insurance certificate for each building project. Visit our forms page for these applications.

 

New builders

Just starting out? This is for you.

Home warranty insurance eligibility

All products have different eligibility criteria and pricing. Pricing can only be determined once the insurer has assessed your application.

We recommend you talk to one of our experts who can assist you to choose the product best suited to your business.

 

Back