Changes to Home Warranty Scheme effective from 28 October, 2016

tas-blog

Changes to Home Warranty Scheme effective from 28 October, 2016

It is important that you are aware of recent changes to the law concerning what is insurable building work and premiums for the Queensland Home Warranty Scheme (the Scheme).

These changes will apply to contracts signed on or after 28 October, 2016.

Everything previously insurable under the home warranty scheme will continue to be insurable, although the scheme has been expanded to cover other building work, including painting, the installation of manufactured homes and more.

Premiums are to be calculated according to the new premium tables. The new premiums better target the type and size of the project. In many cases, premiums will be reduced, although in cases such as new building contracts valued over $600,000 premiums will be increased.

Your consumers will now have the option of increasing the amount of cover by paying an additional premium.

For more information about the home warranty reforms, visit the QBCC website