Australian owner builder insurance is a legal necessity in most states of Australia, and is highly recommended even if it is not a legal requirement in your state because it provides the necessary coverage to successfully complete your home. In this article, we will discuss a few tips on Owner Builders Insurance for beginners.
So you have decided to take matters in your own hands and have decided to become an owner builder in Australia? Whether it is renovation, reconstruction, or a construction project where you build your own home, it is necessary that you are covered from the very initial stages.
Several Australian owner builder insurance providers are offering insurance products that cater to the general public but cannot be modified to meet your particular individual needs. When selecting a owner builder insurance provider, you must ensure that the following aspects are covered.
Construction Works Insurance in Australia
Construction works insurance in Australia protects you from several risks that can be encountered during the construction of your home. Damage from fire, water, natural and human induced hazards, problems in workmanship etc. are all covered by owner builders insurance. Some natural hazards are not covered in different states, for example a hurricane or an earthquake may not be covered in most cases. Have a discussion with your owner builders insurance agent to make sure every possible risk is covered.
Public Liability Insurance in Australia
Public liability insurance in Australia helps protects you from liability if anyone is injured at or near your home site. Damage to someone’s property at or near the home site is also covered in this insurance and therefore it is highly recommended that you include this in your australian owner builder insurance package.
Personal Accident Insurance Coverage in Australia
Personal Accident Insurance provides cover for you if you are injured at the home site. Many owner builders like to be present at the construction site and more often than not end up helping the workers at the site. If there is such a case where the owner builder is injured and therefore cannot attend his or her day job, the personal accident coverage can be a real life saver.
Builders Warranty Insurance in Australia
If you are planning to sell your property after completion of the construction or within six months of the construction, owner warranty insurance can really come in handy. The owner warranty insurance does not provide coverage to the owner builder however, it provides coverage to the buyer of your new property. It is a legal necessity so it is not a good idea to ignore it.
In conclusion, it is important to realise that every home construction site and every construction project faces different risks and hazards. Therefore, they must be covered for different risks. An Australian owner builder insurance policy is good for one site. It is important to get several online quotes before choosing an owner builder insurance provider. Comments? Questions? Leave them below!