Building insurances without the noise

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Building insurances without the noise

Renovations are all the go and the pattern is the same across all states. Recent research undertaken by St George Bank ‘show Gen Ys are the hungriest when it comes to revamping their homes this spring – nearly two-thirds of 18 to 25-year-olds plan on renovating their home in the next 12 months – 2014/15’. This owner building at its best!

This group is not afraid to get involved and roll up their sleeves and do some of the dirty work – 68 per cent plan to take on do-it-yourself renovation programs. 

Historically:

  • 78% of Owner Builders are female:
  • Of this Owner Builder segment, 81% are aged between 34 and 44 years old;
  • Family lifestyle (improvement) reasons overwhelmingly drives the decision to owner build;

The internet can deliver an abundance of general advice, but very little detail. AOBIS has insured over 35,000 owner builders. 

Top 10 areas of risk facing an Owner Builder (data is extracted from ‘2012 insurance claims data):

  • Theft (unforced entry);
  • Malicious damage, including vandalism;
  • Sub-contractors damage to an owner builders property including theft;
  • Weather related events (storms and winds) causing damage to owner builder property;
  • Burglary (forced entry);
  • Neighbouring property damage – weather related;
  • Existing structure (existing home) undergoing renovation work, not covered by standard house and contents insurance;
  • Third party injury; 
  • Sub-contractor faulty workmanship;
  • Goods and materials stored on site which are not owned by the owner builder but on loan, on hire or stored.

AOBIS is all about Owner Builders – the detail behind the marketing slogans.

Contact us for an uncomplicated response to your queries.

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