Construction Insurance

Quick Quote Facility

BuildSafe offer a tailored domestic Construction and Public liability policy. The policy is designed for the owner builder, and unlike some standard policies, contains additional benefits.

Owner Builders are engaged in probably the most important project of their lives. Afterall it’s their money, their home and more importantly their family. Why would any Owner Builder take a risk when an unforeseen incident or event can disrupt so much?q

Owner Builder Construction insurance is not all the same, simply because the risks are uniquely Owner Builder.

BuildSafe Consultants will clarify the Insurance Policy wordings in plain English, with no confusing builder or insurance terms. We will explain what is important especially to Owner Builders and also what you should consider. We know the detail so ask us.

Owner Builder Construction Insurance - key benefits

All types of constructions Kit Homes Straw bale and Mud Brick Homes, New Homes, Builder to Lockup, Light Commercial Works. Renovations and Extensions even those 'hard to place risks'.

Your protection in a snapshot

Low excess levels

Competitive premiums

Professional claims management

Need more assistance? Speak to us.

What does the Construction Insurance cover?

Construction insurance protects the owner builder during the building process, including malicious damage/vandalism, theft, fire damage, storm, wind and water damage. The Buildsafe policy also provides cover for demolition costs and professional fees in the event of a major claim (for up to 10% of the insured construction value) at no additional premium, which ensures that you will not be left out of pocket if a major claim occurs.

What does the Public Liability Insurance cover?

Public Liability Insurance protects owner builders against third party personal injury and property damage, that occurs during the period of policy.

Is Construction and Public Liability Insurance compulsory?

As a general rule, this insurance is not compulsory but you carry the risk. Through no fault of your own, your building project can be exposed to fire theft, vandalism or weather. Unlike car insurance, your potential loss is much, much greater. If finance is being obtained from a lending institution, generally they will require evidence of a Construction and Public Liability policy prior to releasing funds.

When considering or comparing policies, is price the main issue?

Buying Construction and Public Liability insurance is no different to shopping for a new car. A Hyundai Excel doesn't have the same features and benefits of Holden Calais and therefore there is a substantial price difference. Price is important, but not all insurance policies are the same. There is no point in investing in a cheap insurance policy if it doesn't fully protect you in the event of a substantial claimable occurance... which is the primary reason for having a policy in the first place! A substantial financial loss on uninsured building works or liability would cause financial ruin to most owner builders. You may wish to consider:

1. Does the Public Liability policy provide a minimum $5,000,000 coverage?
2. The insured value should be the actual replacement value. Underinsurance limits your cover significantly. Always speak to professionals for advice on replacement values.
3. In the event of a major claim, does the policy automatically cover demolition costs and professional fees associated with rebuilding the property, or does this cost extra?
4. What is the policy period and can it be extended if your building project takes longer than expected?
5. Does the policy cover existing structures on the property? (ie existing house where extension and renovation proposed). Note you should advise your existing house and contents insurer prior to commencement of your intention to undertake construction works.
6. Does the policy include Professional, demolition and removal of debris fees?
7. If the works have commenced, is it possible to obtain insurance cover? Also be mindful that commenced works attracts a higher premium.

Be Sure Be Safe Build Sure BuildSafe

For Construction & Public Liability Insurance Quote - click here
For Construction & Public Liability Insurance Product Disclosure Statement & Policy Wording - Click here

Before making a decision about any of our products, please read our Financial Services Guide - Click here
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Want more Information on owner building? Visit - www.ownerbuild.com.au