With the huge growth in T.V.Shows on Renovating, which has been one of the reasons for the increased growth in the number of renovations in Australia. Insurance is generally the forgotten element in the building process.
According to Allianz Australia, one in three Australians are considering renovating their property in the next 5 years.
Failure to properly plan puts at risk the very thing they are working so hard to improve – their home!
Allianz has highlighted a number of considerations that the homeowner needs to consider before starting.
Contact your insurer.
Informing your Home and Contents insurer that a renovation is to commence and what will I be covered for during construction.
Know your cover.
What is the policy limit (Can be as low as $2000, $20 000 …) of your Home and Contents Insurance? Which if you exceed cover, owner builder Construction and Public Liability Insurance will be required.
Focus on the details.
Be aware that insurers value the work at builder’s rates NOT at the rates you and your friends can do the work for. Do NOT underinsure as you will lose out in the event of a claim.
Protect your home.
Be fully aware you will require a building permit if structural work is required or the value of the work is above your states limit. Contact a local Building Surveyor to check. Illegal building works will void your Home and Contents policy.
So with all they hype of these Renovation T.V Shows, don’t forget that to fully cover your home with the correct amount of Owner Builder Construction & Public Liability Insurance is mandatory.