NSW state insurer icare has added “pricing transparency” to its Home Building Compensation Fund (HBCF) premium calculator. 

icare says the additional function will automatically include the loading or discount a builder receives in the premium calculation. 

The move also brings icare HBCF in line with the requirements detailed by the State Insurance Regulatory Agency (SIRA) in the updated SIRA Guidelines for managing home building compensation insurance premiums and eligibility. 

“The change makes the pricing process more transparent for users of the HBCF premium calculator, particularly for homeowners,” icare said. 

icare says the price does not include any additional broker fees. Maximum fees for icare's panel of authorised HBCF distributors are separately listed on the icare HBCF website. 

icare is the only insurance provider in the compulsory builders’ warranty scheme and it has a list of approved broker distributors.