When should I start the cover?
As an owner builder you should always take out insurance cover before you start the construction works. Generally, commencing a cover earlier would not affect your premium as the premium for this type of cover is typically calculated on the project value so if it takes you six, nine or twelve months to build, your premium would be the same regardless.
What would happen if I need more time?
This policy is non-renewable and cover will terminate at the end of the period of insurance stated in the policy schedule or at the time of practical completions; whichever occurs first. That said, if you require more time to finish your construction, an extension of the period of insurance can be considered upon request based on the details of the current construction work and any loss history. Please note that the extensions are available in 3 and 6 months increments.