Stories abound of owner builders who took short cuts when it came to insurance when building and lived to rue the day!!
For a start, if you under insure when buying Construction and Public Liability Insurance, you will only receive a portion of the payout you expect if you make a claim.
If you sell your home and a Structural Defect occurs – you have to fix it with all the problems and hassles that litigation involves. Or if you are living in the home – you have to pay for the rectification.
Solution 1.
Insure your home building project with the best policy on the market. Not only does it cover Fire, including bushfire, theft, vandalism, storm and water damage and Public Liability. But also tools, appliances are included, extendable policy, sub-contractors.
And those special extras our policy has:
· Covers you at ‘Bunnings’ picking up something you forgot to order.
· Flood not just riverine flood. But any water escaping from lake, river creek, natural watercourse (Even old creeks that may be a road, gutter or reserve now) canal dam, reservoir.
· If renovating, we have contents cover.
· Most policies exclude vibration and weakening of supports – we cover all states.
Solution 2.
Latent (Structural) Defect Insurance protects you, the Owner Builder in the event that an unforeseen Structural Defect occurs after completion.
Whether you are living in the home or you have sold within 10 years of completion – Latent Defect Insurance protects you and your family.
If a Structural Defect Occurs, there is no need to prove negligence or place the blame, once approved the insurer fixes the problem and you (Owner Builder) are NOT involved in costly litigation and rectification works.
It is solely the insurers responsibility!
Policy Benefits:
• 10 Year Policy
• Transferable to future purchasers – increases the sales value of your home
• Increased banks comfort in lending- as there is a policy in place for structural defects
• As you are the Insured, (you are protected) the insurer fixes the problem
• Litigation avoided- Responsibility of insurer to seek recovery
• Underwritten by Lloyds of London – No doubt on their credibility
Buildsafe offers owner builders a comprehensive insurance suite of products to protect and enhance your building project even Voluntary Workers Insurance to cover you and your family and friends helping out on the project.
Don’t take the risk
Insure with Buildsafe!