Home Indemnity Insurance Changes in WA
September 19, 2019
In Western Australia, it is a legal requirement for a builder to obtain Home Indemnity Insurance when undertaking residential building work in excess of $20,000.
Changes to the premium structures and distribution model for Home Indemnity Insurance (HII) in WA which will take effect on 20 January 2020 were recently announced by the Department of Mines, Industry Regulation and Safety- Building and Energy (DMIRS).
As part of the changes, the WA Government has abolished payment of commission to brokers which essentially results in a net premium increase back to the government. Due to the abolition of commission, a fee for service will be charged by HIA Insurance services.
In conjunction with premium changes, the WA government has advised that the number of brokers authorised to offer HII in WA will also be reduced. The aim of this rationalisation is to ensure that specialised brokers more conversant with the complex requirements of the HII product are able to offer a better service to the market.
HIA Insurance Services is the largest distributor of HII nationally and is an approved distributor.
If you have any questions in relation to the premium changes or to discuss your HII requirements please call HIA Insurance Services on 9340 0700.