Home Warranty Insurance | Master Builders Insurance Brokers
Home Warranty Insurance
Providing protection for your valued customers.
Cover for
Incomplete or defective works
Mandatory threshold
Value of work is over $20,000
Cover conditions
Death
Disappearance
Insolvency
What is Home Indemnity Insurance?
Home Indemnity Insurance (HII) is a statutory product, compulsory under relevant building legislation in Western Australia for builders carrying out residential building work.
Home Indemnity Insurance, or Home Warranty Insurance as it is referred to nationally, covers the homeowner (and subsequent owners) for completion of the building work and loss of deposit should the builder die, disappear or become insolvent within 6 years from the date of practical completion of a new home.
Registered building contractors must take out a Home Indemnity Insurance policy for contracts valued over $20,000 before accepting any payment or obtaining a building licence or permit from the local government. The homeowner must also receive a copy of the insurance certificate.
MBIB has many years experience in dealing with the underwriters of Home Indemnity Insurance in Western Australia and has a designated team that are well placed to assist both new and existing builders through the eligibility and review processes.
For more information, visit the Department of Mines, Industry Regulation and Safety website.
Not in WA? Please select your state: Victoria | New South Wales | South Australia | Australian Capital Territory | Tasmania | Northern Territory | Queensland
Our Eligibility team is unique within the market.
Our Eligibility team is responsible for assisting you with initial eligibility applications and ongoing eligibility reviews, as well as attending to your general queries about Home Warranty Insurance.
We are committed to providing you with a comprehensive service, ensuring that all eligibility enquiries actioned are within our service standards. We also conduct pre-submission quality assurance reviews to guarantee that all eligibility review submissions meet the requirements of the various states and territories.
Our recruitment for eligibility personnel focuses on financial literacy and experience, rather than just a general insurance background. We seek degree qualified, skilled professionals with experience in insolvency, accounting and finance.
This allows us to have effective conversations with you and your appointed accountants or financial advisors, so that we achieve quality and realistic outcomes for you.
We take a proactive approach that often involves an education element (for you and your accountant or financial advisor) to ensure you understand the Home Warranty Insurance process. We advise how you can position your business to balance your responsibilities under your state-specific scheme and your future plans for your business.
Why do you need our specialist advice?
Here's an example:
Around 18 months ago, a SA based builder came over to MBIB seeking assistance in increasing their eligibility limit so they could take advantage of opportunities following a very successful marketing campaign.
We have been working with the builder (including meeting with the directors, accountant and construction manager on three occasions) to provide guidance and expertise on the financial assessment process with the Insurer.
It was important to us that we have honest and detailed discussions with the builder around how best to achieve sustainable growth.
Over the past 18 months, the builder has undertaken two eligibility reviews with the Insurer with increases granted on each occasion, allowing the builder to achieve profitable growth to date.
Advice from our experts:
Before making any changes to your trading structure, contact one of our eligibility experts who will be able to advise you of the likely impacts on your eligibility facility. It could save you headaches later on.
To avoid problems later, a Home Warranty policy should always be taken out prior to any works starting.
Sonia Kerr National Home Warranty Operations Manager
Home warranty eligibility reviews can be stressful. To help make it easier, use our team’s expert knowledge – we can work directly with your accountant freeing up your time to focus on what you do best.
If a project includes any waterproofing works, then the project is considered to be a structural risk by Home Warranty insurers.
Sonia Kerr National Home Warranty Operations Manager
Details on the job specific application form need to match those noted on the contract and current land title.
Why choose Master Builders Insurance Brokers?
