You need to get a certificate of eligibility before you can apply for insurance if you need to do any residential building work valued at over $20,000 inclusive of GST.
A certificate of eligibility means that you’ve been assessed by an approved insurance agent and have been granted the entitlement to apply for a certificate of insurance.
You apply for eligibility through an insurance broker.
A list of current brokers able to apply for eligibility on your behalf is available from icare. Just click on the approved distribution list to download the list of current brokers.
After you’ve decided on a broker, you’ll generally need to provide them with:
- a recent balance sheet, profit and loss statement or tax returns
- a statement of personal assets and liabilities
- copies of rates notices for all properties declared on the statement of personal assets and liabilities
- copy of current contractor licence
They will then submit your application to the insurance agent. There are currently two insurance agents that provide insurance for the Home Building Compensation Fund.
For more information, visit icare, who manage the insurance policies..