Home indemnity insurance premium changes in WA
January 23, 2020
The Building and Energy division of the Department of Mines, Industry Regulation and Safety announced changes to the premium structure and distribution model for Home Indemnity Insurance (HII) in Western Australia which took effect from 20 January 2020.
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 are more conversant with the complex requirements of the HII product and 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.