10 April 2019
Dear Valued Customer,
NSW HOME WARRANTY PREMIUMS SET TO INCREASE FROM 1 AUGUST 2019
On 1 April 2019 HBCF announced further increases to NSW Warranty premiums. These changes vary depending on the category of work. It is not all doom and gloom! In the first round of premium changes the Duplex premiums will reduce to match the new single dwelling premiums.
The premiums for Multi-Unit projects will increase over four nominated dates as follows:
Tranche 1 – 1 August 2019
Tranche 2 – 1 January 2020
Tranche 3 – 1 July 2020
Tranche 4 – 1 January 2021
The first increase on 1 August 2019 is to reflect the latest assessment of breakeven premium rates for all construction types. In other words, to increase premiums to match the cost of claims. We will upload the new claims data on our website shortly.
If you click on the iCare FAQ’s link it shows the various rate increases/decreases over the 4 tranches for each category of work. The Irecon broker fees have now been reduced to 15% of base premium, subject to a minimum of $99.00. In addition, there is a $22 admin fee charged by our head office. This $22 does not go to Irecon.
DON’T FORGET TO USE OUR PREMIUM CALCULATOR TO QUOTE JOBS IN ADVANCE.
Please make sure you use our Premium Calculator on our website www.irecon.com.au which will be updated by 1 May to reflect these changes. You will need your Builder loading or discount to obtain an accurate quote. The Irecon calculator shows the total price including all fees & charges.
Large contract values may be negotiated and mutually agreed. For builders undertaking high value multi-unit work we
recommend you contact our office for a quote.
Don’t forget to send in your Project Completion forms . These are available on our website www.irecon.com.au.
For polices that are referred, the current response time for returns is 24-48 hours. These times can vary but you should note
that the guidelines allow for up to 48 hours so we are unable to guarantee responses early than that.
Should you have any questions or wish to discuss these changes further, please feel free to contact our office.
Understanding your new premium April 2019. Click button below to dowload the pdf