Builders and contractors have unique needs. The HomeBuilders SIF understands this, which is in part why we were formed in the first place. Founded in 1980, the SIF began in response to the turmoil of the Louisiana workers’ comp market. Insurance carriers were exiting Louisiana, and builders were faced with rising insurance costs, poor service and mounting problems. The answer was the HomeBuilders SIF - a workers' compensation program built specifically for the construction industry.
The program was built by a group of visionary builders with an eye towards longevity, affordability and financial stability. These three tenets remain as the foundation for the Fund today:
Longevity – While literally hundreds of insurance companies have come and gone over the years in Louisiana, this program has held firm to its original mission of always being available for the construction industry. Our participants know that the HomeBuilders SIF is one of the very few programs that have consistently offered workers' compensation coverage to businesses in Louisiana for more than thirty-five years. We are long term.
Affordability – Workers’ comp rates may change over time, but contractors need to know they will not experience wild fluctuations in their overall insurance pricing from year to year. While the Fund has implemented modest rate increases over the years, we have also reduced overall rates on a number of occasions. Our goal is to offer consistently competitive rates to our fund participants, year in and year out. We are competitively priced.
Financial Stability – Since 1994 alone, more than $87 Million has been returned to active, qualifying fund participants (as of November 2017). As a participant in this program, you benefit from the success of the program. We are financially sound.