Home Indemnity Rate Increase - WA 20/11/2015
Since November 2013 the WA Government has provided 100% reinsurance for all Home Indemnity Insurance certificates issues by QBE and Calliden. To strengthen their underwriting, the Government has announced premium increases that will come into effect in January 2016.
From 1 January 2016, the WA Government will increase Home Indemnity Insurance premiums by 18%.
Certificate pricing changes
The following changes will apply to all Builder Category ratings:
- An increase of 18% on all single dwelling risks situated in Western Australia.
- An increase of 18% on all owner builder risks.
- An increase of 18% on all alterations and additions.
- An increase of 18% on all Multi Unit risks.*
* All applications for multi unit projects (e.g. strata developments) will be subject to underwriter approval and will be priced on application.
In order to facilitate the increase and to ensure a smooth transition to the new rates, applications for Home Indemnity that you wish to have processed prior to the increase on 1 January 2016 MUST be received by 18 December 2015. Applications received after this date will not be processed until the new year and the new rates will apply. The online, self issue system will also be shut down on this date to enable amendments to be made for the new rates.
For further information, or if you would like to discuss your Home Indemnity or other insurance needs, please contact our West Australian office on 08 9476 9898