Premiums are calculated based on the of the project, which encompasses the total contract price. The QBCC maintains separate premium tables for different types of work: New Home Construction: For the erection of a new residence.
If your build cost sits right on the border of a tier, the table won't help you realize that you might save money by reducing the contract price slightly to fall into a lower premium bracket. You have to do that mental math yourself. qbcc home warranty insurance premium table
The insurance covers up to $300,000 for incomplete or defective work, but you cannot insure a project with a contract value over $750,000 (incl. GST) under this scheme. Contracts above that amount are exempt but require alternative financial assurance. Premiums are calculated based on the of the
The tables often focus heavily on licensed builder contracts. The rules for owner-builders are different and sometimes harder to find within the same document, leading to misinterpretation of costs for DIY renovations. You have to do that mental math yourself
| Tier | Contract Value (incl. GST) | Premium (Current Estimate) | | :--- | :--- | :--- | | | $3,301 – $10,000 | ~$103.10 | | 2 | $10,001 – $20,000 | ~$206.20 | | 3 | $20,001 – $30,000 | ~$309.30 | | 4 | $30,001 – $40,000 | ~$412.40 | | 5 | $40,001 – $50,000 | ~$515.50 | | 6 | $50,001 – $75,000 | ~$773.25 | | 7 | $75,001 – $100,000 | ~$1,031.00 | | 8 | $100,001 – $150,000 | ~$1,546.50 | | 9 | $150,001 – $200,000 | ~$2,062.00 | | 10 | $200,001 – $250,000 | ~$2,577.50 | | 11 | $250,001 – $300,000 | ~$3,093.00 | | 12 | $300,001 – $350,000 | ~$3,608.50 | | 13 | $350,001 – $400,000 | ~$4,124.00 | | 14 | $400,001 – $450,000 | ~$4,639.50 | | 15 | $450,001 – $500,000 | ~$5,155.00 | | 16 | $500,001 – $550,000 | ~$5,670.50 | | 17 | $550,001 – $600,000 | ~$6,186.00 | | 18 | $600,001 – $650,000 | ~$6,701.50 | | 19 | $650,001 – $700,000 | ~$7,217.00 | | 20 | $700,001 – $750,000 | ~$7,732.50 |