The NSW Government is taking action on its commitment to review the State's Home Building Compensation scheme (HBC).
HBC insurance is required for home building work which is valued at $20,000 or more. It's required for:
- the construction of new homes;
- swimming pools associated with a home; and
- renovations or alterations to homes.
Where home building work is defective or is not completed by a building business, the HBC fund will compensate homeowners to help them get their building work completed or fixed. However, there are limits on the cover and compensation.
Homeowners may make a claim on the insurance if their builder dies, disappears, becomes insolvent or the builder’s licence is suspended for ignoring an order to compensate the homeowner.
The Review will be informed by public and industry consultations, including through a specially formed Advisory Panel. The Advisory Panel includes members from Master Builders Association, Housing Industry Association, the Insurance Council of Australia and homeowners.
Tell us what you think
The Review is consulting with community and industry.
You can have your say by completing the survey below, making a submission and/or registering your interest to meet the Reviewer.
This consultation will be open until 11:59pm Monday 11 November 2024.