1. Does the Insurer consider commenced works scenarios and builder to lock up situations?
2. Are your contractors insured?
Don’t rely on contractors insurance paper, make further enquiries through the insurer and your state building commission or authority. Unregistered trades people and unlicensed builders are not new – double check licence numbers and insurance documentation.
3. Is the Owner Builder policy extendable beyond the initial insurance period? Be mindful of non-extendable policies.
4. Is the insurer an Australian insurer?
Remember, not all insurers are the same. Check if the insurer is ASX listed and read the Product Disclosure Statement Exclusions – that’s the key. If you are unsure, ask your broker or contact the insurance underwriting agency Australian Owner Builders Insurance Services (firstname.lastname@example.org or phone 1300 850 131).
5. What are the ‘excess’ levels when making a claim? Lower excess levels work for Owner Builders
6. Does your insurer understand you?
Good owner Builder Insurance policies are built around Owner Builders and their unique circumstances, for example:
a) Construction plant and equipment cover provisions included at no extra cost
b) Reasonable construction (sun insured levels) escalation provisions to at least 15% because building costs are rising daily
c) Transit cover for those times Owner Builders transport goods to the building site at no extra cost
7. If renovating, are my contents covered?
8. Who’s managing your claim?
Unforeseen incidents are just that; unforeseen. Responsible owner Builder policies are backed by professional and exclusive claims management teams. When your home is on the line, check your insurer will pick up the phone and respond immediately. Professional, Australian based claims management (more than a call centre but an actual claims team) is ready.
9. What about technology?
Technology, particularly environmental technology such as solar, heating, water and lighting and security installations, CCTV and interactive homes poses higher risk factors. Check the policy details to see if you are covered.
10. Are you fully protected?
Price is important, but nowhere near as important as being protected to fully recover from an unforeseen incident. That’s where insurance experience and Owner Builder detail knowledge is life changing. When its your home, family and wealth all on the line – make sure you’re on the right side. Choose an insurer with a track record.