The S.C. Home Builders Self Insurance Fund, a workers comp insurance company that write policies exclusively for members of the Home Builders Association of South Carolina, has announced two moves that will reduce costs for home builders.

The Board of Trustees of the SIF has voted to reduce rates effective January 1, 2011, by an average of 5 percent. All rates will be reduced but the reduction will vary by class code.

In addition, the SIF has reduced minimum premium amounts. Also effective January 1, 2011, the annual minimum premium will be decreased from $1,200 to $900. In addition, the monthly minimum premium payment will no longer be required. The annual minimum premium will still apply.

“All of these changes will help home builders navigate this difficult downturn in the housing market,” Tom Dillard, president of the HBA of Greenville, said.