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Honey launches partnership with WA homebuilder

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Honey Insurance has agreed a deal with WA’s largest homebuilder, BGC Housing Group, as it opens its coverage to the WA market.

BGC Housing Group is the fourth largest builder in the country and the largest in WA, according to the Home Industry Association (HIA).

As per HIA’s annual report last year, the building group constructed 4205 homes, nearly double what it produced in 2020.

“This partnership is a result of a shared customer-first ethos of the home buying process,” Founder and CEO of Honey Insurance Richard Joffe said.

“Where BGC Housing Group's vision is to create more opportunities for Western Australians to build and own their own homes, Honey offers a proactive arm that delivers tech-driven home insurance coverage directly into the digital mortgage and title process.

“Not only do these homes get built, but the process to begin protecting the most valuable asset most Australians will ever buy is intuitive and fast.”

The agreement signifies Honey's expansion into another state, months after securing the right to distribute its coverage to Bank of Queensland customers.

Both AIG and Metricon were among industry groups to secure deals early with the insurer after underwriting partner RACQ backed it.

“We are excited that this marks our sixth partnership in 12 months and in that time we have formed relationships with the best of the best across multiple industries including building, banking and utilities,” Mr Joffe said.

According to Honey’s latest report with YouGov, in the past 12 months Australians have paid on average $1000 out of their pockets on home building insurance claims. The report says that 67% of respondents believed their claims could have been avoided with proper precautions.

Honey provides new customers with a $250 stimulus to implement smart technology that it says will prevent unnecessary claims.

“Our partnership with BGC Housing Group continues our commitment to change the way home insurance is currently being done in Australia, by using smarts to make it more intuitive and technology to help customers protect their homes,” Mr Joffe said.

"We believe this really is the future of insurance in Australia and we are well on our way to making it a reality.”

BGC Housing Group EGM Michael Bartier says the agreement with Honey was necessary to secure homeowners' trust.

“As we continue to make home ownership a reality for more West Australians it is more important than ever that homeowners take out home and contents insurance to feel safe in their newly built home,” Mr Bartier said.

“We are proud to partner with Honey Insurance to offer our clients a home insurance policy to protect their largest financial asset.”