There are only 2 types of builders, Registered Builders and Owner Builders, there is NO category called renovator.
So when renovating, if a registered builder is not employed, then it is an Owner Builder project and the homeowner has now become an Owner Builder and is responsible for obtaining Insurance to protect the renovation and existing home.
Home and contents insurance policies will, usually, cover the homeowner for a limited amount of renovation work. But there are clear limits to what a policy will let you do. There is one simple rule, always and in all circumstances, is check with your home and contents insurance provider BEFORE you start work.
The cover comprises two parts- Material Damage – Protects the Owner Builder for losses caused by fire, theft, burglary, vandalism, flood, cyclone, storm, wind and Water damage.
Public Liability – Protects the Owner Builder from third party Injury and Property damage. E.g if a tree falls through the fence onto your neighbour’s car due to the roots being exposed because of your construction project.
When purchasing Owner Builder Construction and Public Liability Insurance, it is important to fully insure the project, if you and your friends can build it for $50 000 but a builders cost would be $100 000, you have underinsured.
Some Home and Contents policies exclude damage caused by Storm, Flood or water entering the building even Public Liability can be excluded, when renovating/extending.
To summarise what we suggest you do.
- Check with a Building Surveyor even if it is a small project whether a Building Permit is needed.
- Check with your Home and Contents Insurers whether they will cover your home and what exclusions are now in place. Get it in writing.
- Fully insure the renovation/extension and the existing home and Contents with our Owner Builder Construction and Public Liability Insurance policy.
BENEFITS OF OUR POLICYSee our Quick Check Chart to know what you are covered for Click here
|Fire||Storm, Wind, Water and Flood Damage|
|Public Liability||Third Party Property Damage|
|Theft||Liability due to Negligence|
Consider the Following Options:
|Protect existing home and contents||Already started – commenced works|
|Materials stored off site for safe keeping||Extendable policy period beyond 12 months|
|Licenced builder to lock up options||Qld is covered|
Automatically Covered at NO additional premium:
|Sub-contractor liability protection||$5,000 tools cover|
|Removal of Debris (10% of sum insured)||Worker to worker protection|
|Professional Fees (10% of sum insured)||Expediting Expenses (10% of sum insured)|
|Increased cost of works (10% of sum insured)||Goods in Transit $50,000|
|Prime Cost items included||Mitigation Expenses (10% of sum insured)|
|Restoration of Records (5% of sum insured)||Temporary Protection (5% of sum insured)|
|Goods in storage cover $50,000||Automatic allowance for excavations for up to 5 meters|
|Property in your Care, Custody and Control|
Why choose AOBIS?
|Low excess available||Cover QLD|
|Vibration, removal or weakening of supports and/or underpinning covered||Injury to contractor/sub-contractor/labour hire covered|
|Demystifying insurance and protecting you, the owner builder||Fast and client focussed claims management|
|We cover new homes, renovations and extensions, alterations and additions, commenced works, builder to lock up, kit homes and mud brick homes||Heritage in Owner Builder since 1996 exclusively building and renovation|
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