The Home Warranty scheme, who needs it! Unfortunately, every residential builder that completes work over $20,000 does and it isn’t always easy to get. Our thorough understanding of Home Warranty Insurance makes the entire process efficient and accurate.
We know Home Warranty Insurance and won’t just flick you a stack of forms and say fill these out.
We will help you do the lot and submit it for you!
One of the main benefits of working with SEE is that we will consider your tax position and business strategy in conjunction with your home warranty outcomes.
Home Owners Warranty in New South Wales currently has two schemes to assist builders with obtaining Eligibility for the first time, or to increase the value of their Home Warranty eligibility – the team at SEE can help with both of these.
Learn more about the Automated Scorecard Review and Builder Profile Change below:
The Automated Scorecard Review (ASR) is a new method of obtaining Home Owners Warranty introduced in July 2022 that removes the complication of compiling a full review, which was previously the only way of obtaining Home Warranty for any business in NSW.
This is a great way of obtaining small limits for businesses that do not have home warranty yet, or businesses that have small limits and want to increase their amount of warranty.
There are 2 tiers of builders with the ASR – Tier 1 ($1-3M) and Tier 2 ($3-5M) these have different base limits, and require a BPC (see below) between Tier 1 and 2.
This system is entirely based on your business’ credit score, and we can’t guarantee results through this system.
The Builder Profile Change (BPC) is the way that you can change your Home Warranty profile through a financial or non financial assessment, without relying on your credit assessment.
This is used to increase your warranty Open Job Value (Overall $value limit), Open Job Number (Overall jobs limit), or individual job limits (Size of each job by $value).
This is a full spectrum assessment of your business situation, including financial information, personal asset information, technical experience of the applicant, amongst others.This information changes depending on your business structure.
We assist our clients with their BPC’s by taking a holistic view of their businesses and their goals in order to work out the best strategy to proceed with their home warranty increases.
Even if you do not need a Home Warranty increase or profile change – SEE Business Solutions can also assist with management of your profile going forward.
SEE offers quick turnaround on all policies (you will have an invoice for your certificate within 48 hours in most circumstances), expert advice on any issues you are experiencing with anything relating to your Home Warranty, and assistance with any Periodic Eligibility Reviews (PERs).
Home Owners Warranty is a statutory warranty product required in NSW for all residential construction jobs over $20k. Failing to take out Home Warranty cover on these types of jobs is an offence under NSW law.
Home Warranty increases have different timeframes based on which type of profile change you are looking to conduct:
BPC Financial – 3-6 weeks for icare after submission of information
BPC Non-Financials – 2-4 weeks for icare after submission of information
ASR – up to 5 business days for new eligibility applications, however these can be resolved for existing profiles within 48 hours
SEE Business Solutions will never charge you for Home Warranty consulting services.
Pricing is split into two categories – Home Warranty reviews & Job Certificates:
Before you can obtain a certificate of insurance for your project you first need to obtain eligibility.
Once you have your eligibility you can obtain your job certificates by sending in an application and a signed copy of the contract for the works. When we’ve received these documents, we will process your request and arrange an invoice for the Certificate of Insurance for you within 24-48 hours. Upon receiving payment you will receive your Certificate the same day.
A Home Warranty insurance policy provides coverage for a client in the unfortunate event of certain circumstances involving their builder. The policy covers the client if the builder:
However, it’s important to note that Home Warranty Insurance does not cover:
If the builder is still in business, the client cannot make a claim under the Home Warranty policy. In such cases, the builder and the client will need to work together to address any defects that arise during the warranty period.
The team is run by our experts who live and breathe this everyday, whose philosophy is to make sure every builder gets the most hand held, personalised service possible. Whenever you contact SEE Business Solutions, you can be assured that you are speaking to the same people who understand your personal situation and business every time.
Give Matt a call on 02 4039 8578 or fill in our enquiry form and we’ll be in touch.