Protect your best interests with owner builder insurance

Posted on 09. Dec, 2009 by admin in Home Insurance, Insurance

Choosing to build your own home is a rewarding undertaking that should be carefully considered. Playing the dual role of owner and builder is risky, and is all the more reason why having insurance is a must. As an owner builder, your financial stakes are much higher and can be exponentially greater than an individual who is in either position. Therefore, not only should you have owner builder insurance, but you should have a policy that you can count on.

Why you need extra coverage in this role
If you choose to build your own home then having the proper insurance is required by law in Australia. Owner builders face double jeopardy when it comes to liability concerning their property, not only are they held responsible for the craftsmanship of the home, but they are also responsible for any problems that are incurred once the home is completed. The list of risks associated with being an owner and builder is endless and costly. Faulty materials, workplace injuries, and various forms of liability are all just some of the ways that you can find yourself in need of financial protection and assistance.

What coverage does owner builder insurance provide?
Owner builder plans provide coverage against some of the same circumstances as traditional home insurance including:
• Theft
• Fire
• Weather related damage
• Vandalism

Aside from offering this basic coverage, most Australian buyer builder plans also include cover in the form of protection against:
• Public liability for empty/vacant land prior to construction
• Public liability for damage to other people’s property as well as injury to people who enter the site
• Workers compensation to protect you against action taken by a contractor/sub-contractor
• Worker to worker cover
• Home indemnity

Often you can find all of the coverage listed above in these three plans:
• Workers compensation insurance
• Public liability insurance
• Construction insurance

These plans typically last for up to a year and should be purchased before any work has been started.

Before you purchase coverage
Before you purchase your policy, it’s important that you consult with an insurance provider that not only offers owner builder insurance, but is well versed in the details and requirements that come along with it. A qualified insurer will be able to inform you of all required documentation you need to have, provide you with answers to all of your questions, and give you quotes on applicable policies.

Protect yourself and your investment with owner builder insurance.

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Protect your best interests with owner builder insurance

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