Don’t fear Public Liability Insurance, just make sure you are prepared! As an Owner Builder about to commence your new home or renovation and concerned about costs and where in the building process you can save money.
Do NOT save money on Public Liability Insurance.
Owner Builder Insurance is to protect you and your family from an event that “It won’t happen to me” but it could destroy your home and your financially.
And nearly as bad is getting the no frills policy that only ½ protects you.
Buying the cheapest Public Liability Insurance is much like any product, you get what you pay for. Each policy will have different policy extensions, inclusions, conditions and excesses, often the cheapest policy will offer the least protection.
Let me explain.
Are you in Qld, northern NSW, or you near a river? Are you covered for FLOOD*, most construction policies do NOT cover flood, water and storm (probably) but NOT Flood – Check and get it in writing.
Check the excess.
We have seen policies where the excess is the same as the claimable amount. E.g tools cover.
Sum Insured too low.
A common trap for owner builders is to under insure the project. A misconception is that by quoting a lower cost for the project the premium will be lower. The belief is that the cost of the claim in most cases will not be as big as the amount insured. This is a dangerous misconception. Bear in mind most policies have an averaging clause that means if you only part insure the construction, the insurer will only part pay the insurance claim.
Won’t extend the Construction and Public Liability Insurance policy.
A lot of policies are only for 12 months and are not extendable. If you think you may take longer, ask. It can be difficult to find a new insurer to take the policy mid-way through the project, it is best to find a policy that best suits your need from the beginning.
No support in claims.
If the worst case happens and there has been damage, theft or third-party loss, great service from a supportive claims department can help to quickly get you back on track.
Buildsafe has for over 30 years played a key role in providing owner builder insurance to protect owner builders.
By having the correct insurance in place owner builders have one less thing to worry about and can focus on building their dream.
Get a quote now from us – Its simple & easy – click here