As an owner-builder, you should prepare for the possible risks faced during construction project. Construction work involves multiple trades and exposures, and things can go wrong anytime. In addition to property damage and onsite injuries, owner builders should also prepare for other unexpected construction costs or property damages due to calamities like storm or flood. The best way to do this is to get comprehensive owner builder insurance!
Having an owner builder insurance is one of the best investments to safeguard your new home, that’s by you need owner builder protection. This should be your top priority before starting a construction project. However, not all owner builder construction insurance has the same level of protection. This is one of the problems for many owner-builders. They are unaware of their insurance coverage—and that’s where FD Beck Insurance Brokers can step in and help you!
FD Beck is one of the leading insurance brokers in Australia. We have been helping owner builders secure their valuable assets by securing specialised owner builder insurance cover. Allow our team of experienced insurance brokers to find owner-builder insurance that works for your budget and needs.
As mentioned, owner builders need to understand the scope of their insurance. Don’t get insurance products just to comply with regulations. Make sure you know how the contract works and its insurance coverage.
Depending on your specific operations, some of the general insurance covers an owner-builder may need to include are:
An owner-builder should pay attention to these policies to avoid discrepancies in the future. The following points should help you understand your insurance.
Construction Insurance may come in different names such as Contract Works, Site Insurance or Contractors all Risks. It should cover for potential risks you may encounter when you are building a new home or renovating/extending an existing home.
Additionally, your insurance may cover costs for damage caused by fire, storm, impact, wind and water damage, malicious damage, vandalism, and theft of tools or building materials. In most policies, it will also include professional fees and removal of debris costs following an insurable loss.
This is one of the biggest financial risks for every owner-builder or registered builder. Public Liability Insurance can cover you from third-party personal injury and property damage that happens during the period of the policy– for which, you the owner builder are legally liable. As an owner-builder, you are responsible for onsite safety protocols.
Take note that injuries and property damages may happen even at a small-scale project. Anyone can sue you for a significant amount of money if someone gets injured at or near your construction site. This is why you should look closely at this policy.
FD Beck goes above and beyond to secure every owner-builder and avoid any error from getting the wrong coverage for their projects. We can discuss the items from the product disclosure statement and even evaluate your current home insurance coverage. This is to ensure you’re getting the right policy for your operations.
Our owner builder insurance can cover many types of constructions, including extensions for existing homes and new homes.
General Advice: As we always tell everyone, not all policies are the same. Before you make decisions, try to maximise your options and check coverage thoroughly. Some of the items you should consider are:
With years of industry experience, our professional team members know how difficult it is to find the right policy insurance for your project or operations. Allow our consultants to simplify the process for you.
Here, we make sure our clients truly understand the value of each policy we recommend for them. We practise complete honesty and integrity and that’s one of the reasons we are one of the most successful business insurance providers in Australia.
Looking forward to secure your future? With FB Deck, you’re in good hands! Contact us now to know more about our owner builder insurance packages. We also provide comprehensive business insurance. Talk to one of our consultants today!