This may be difficult, as you may get the cheapest policy but not the best policy.
Let me explain.
Some insurers are prepared to offer a cheap policy and in order to do so remove benefits from the policy, so that they can be cheap. Some examples of this are offering a $2000 tools cover but having an excess of $2000 when the tools are stolen from a non-locked area.
While other Insurers offer a $5000 tools cover in an area where theft is the major claim for this product.
So, what do you want, the best or the cheapest or something in between?
While BEST, means a policy that covers you and your family to the highest level of cover.
What you should be doing is comparing the product benefits of the policy to see which has the best value for your money.
All Construction and Public liability policies will cover you for Fire, Theft, Storm water, Vandalism and Public Liability. But it is checking the ‘devil is in the detail’ check the fine print to make it easier for you to decide what policy to purchase, we have outlined a number of critical benefits for you to check and compare before making your purchasing decision.
Also, at conclusion of the article, there is an interactive chart for you to compare policies to make it easier for you to decide.
Following is a list of benefits which you should have in your policy but depending on price whether they are included or at a reduced level.
This is for you to CHECK.
Far better to do your research upfront rather than have a claim and find out you are NOT covered.
Questions to ask:
TOOLS . Q. What is the excess for violent and non-violent entry? Q. What is the amount of cover?
SUB-CONTRACTORS. Q. Are you fully covered?
Q. Check the definition of the insured, is the sub-contractor included? If so, you will be unable to take action against him in the event of a claimable occurrence. E.g. damage to your neighbour’s property. Q. Are the conditions that the Sub-contractors have to comply with, otherwise cover is excluded? E.g. must have insurance.
FLOOD COVER. Q. Is this covered?
Flood is a very subjective word and some policies cover storms causing flood, others will not. To avoid the confusion, we suggest you ask the following question and get the answer in writing.
EXCESS. Q. Do different states have different excesses? E.g. QLD
ARE YOU covered offsite when e.g. picking up building materials?
ARE YOU covered for ALL property onsite e.g. Hire products, scaffolding, plant and equipment?
EXCAVATION. Q. To what depth before referred (and Increase in price)
IF YOU ARE RENOVATING. Q. Are you covered for Storm damage to the existing part pf the home? Q. Are your Contents covered?
IS YOUR Neighbours property covered in the event of Vibration, weakening and removal of support caused by your building work?
IS THE POLICY extendable for more than 12 months?
Be aware of ‘slick’ phone sales-people glossing over these questions ‘yes you are covered’ when you are not, or partially. Get it in writing.
“Am I covered for Flood, not just any riverine flood, but any water escaping from lake, river creek, natural watercourse (Even old creeks that may be a road, gutter or reserve now) canal dam, reservoir?”
AOBIS Prides itself on helping Owner Builders to protect their most valuable investment and you have the choice of insurers. QBE, Australia’s leading world insurer and Lloyds of London, the world’s oldest insurance provider.
Please compare, using the attached comparison chart and contact us to have the best cover on the market.
Don’t forget when purchasing an AOBIS policy we are making available our $129.95 Owner Builder Education program FREE.