It can be very confusing when seeking out which insurance should I buy to protect my Owner builder project? A lot of noise out there to confuse you, from underhanded claims of experience to fudging what is actually covered.
So, after 30 years’ experience in helping Owner Builders to successfully build their projects, we have compiled these KEY FACTS questions, so that you will know what cover you have when buying Owner Builder Construction and Public Liability insurance.
1. Check all excesses and compare, in the event of a claim, you will receive a lot less than you expect if the excess is high.
· What is the tools excess and what is the cover amount? Buildsafe tools cover Excess $1000/Cover $5000
· Is there a different excess for non-forcible and forcible violent entry for theft/burglary. Buildsafe excess $1000 (For Both)
· Do different states have a higher excess? e.g. Queensland Buildsafe standard excess $1000 Australia Wide.
· What is the excess in the event of an injury to a sub-contractor. Buildsafe excess $2500
· Flood* is generally NOT covered Buildsafe policy covers Flood $1000 excess
· Am I covered for goods in storage offsite e.g. stove tiles. Solar panels etc. what’s the maximum limit cover? Buildsafe $50000 for goods stored offsite. $1000 excess.
· Are you covered for storm/water damage to your home? Buildsafe covers you, excess $1000
We are yet to see a Home and contents policy that does NOT exclude loss or damage caused by water entering your home due to building alteration, renovation, or additions.
2. Are you covered for vibration, weakening or removal of support of your neighbours property? and in Victoria, Adjacent Property Protection (if required for your neighbours) Buildsafe policy covers both. Excess $5000
3. If renovating, it’s very unlikely your contents will be covered. Buildsafe exclusive cover up to $100 000
4. What would happen if you are picking up materials off site and drop them on someone – Are you covered? (Or does the policy only cover you and the building site?)
Buildsafe policy protects you offsite – Australia wide.
5. In the event of a claim at your site, are you covered for ALL property e.g. scaffolding, plant and equipment, or services e.g. transit? * Buildsafe policy covers the whole site.
6. If you are excavating, what depth can you not exceed? Buildsafe 5 metre depth automatically included.
7. Who is the insurer? Do they ‘know’ construction insurance? Your insurer* is Lloyds/Liberty or QBE. Your choice.
Highlighting these key facts does not take the place of reading the insurers Product Disclosure Statement, however we have made you aware of some key facts that if not researched, and you choose the wrong insurer, would end up costing you thousands of dollars.
Protect your family with a Buildsafe Construction and Public liability policy, underwritten by Lloyds, the worlds oldest insurer