OWNER BUILDER

RENOVATING /EXTENDING INSURANCE

Home and Contents


It is not designed as construction insurance. 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. The one simple rule, always and in all circumstances, is check with your home and contents insurance provider BEFORE you start any works as with most policies.


If the value of the work is over $50,000 (what a builder would estimate the job value) then you won’t have full cover. Just because you and your friends can build it for $20,000 it would not matter in the event of a claim, the insurer will work on builder’s rates. Also you need to read very carefully your Home and Contents Policy wordings because the insurer will exclude damage caused by a tarpaulin blowing off roof leaking. Eg: Damage caused by storm, flood or water entering the building.

The common “policy busters”, or the situations that put your project outside the terms and conditions of your home and contents policy include:

Home and contents policies often exclude liability while the home is being renovated.

Vacating the building – some extensions or renovations can be dusty, dirty, noisy or just too dangerous to have the kids around. The alternative may be to stay with family or friends, but check your policy. If the property is vacant for a set period of time the home and contents policy may be void. 60 days seems to come up in most policies available.
Removing external walls or roofing – the removal of external linings will usually trigger home and contents exclusion. The extra risks from the unprotected home include exposure to the elements as well as easier access for thieves and vandals thereby suspending the policy.
It is highly advisable to cover your existing property when insuring your renovation or extension for a few extra dollars, in the event of a claim – let the insurers have the hassle.


Policy Covers:

AOBIS policy wordings are in plain English, with no confusing builder terms and definitely no unnecessary cover which adds to premium costs Includes unlimited emergency ambulance cover
Includes unlimited emergency ambulance cover No Medicare Levy Surcharge on your tax bill if eligible
Access private hospital accommodation No Lifetime Health Cover loading fees if you have Hospital Cover by July 1 following your 31st birthday

FAQ

Frequently Asked Question

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If Owner Builder Warranty Insurance is not obtained and your property is sold you risk fines and penalties of up to $10,000. The prospective purchaser also has the right to pull out of the sale agreement without any penalties.
Obtaining Owner Builder Warranty or Indemnity Insurance is a LEGAL responsibility. As an Owner Builder/renovator it pays to be aware of all your liabilities
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If Owner Builder Warranty Insurance is not obtained and your property is sold you risk fines and penalties of up to $10,000. The prospective purchaser also has the right to pull out of the sale agreement without any penalties.
Obtaining Owner Builder Warranty or Indemnity Insurance is a LEGAL responsibility. As an Owner Builder/renovator it pays to be aware of all your liabilities
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