Owner builder construction and liability insurance provides cover for owner builders against fires, storms, wind and water damage, and vandalism, as well as theft and public liability, among others.
The exact extent of your cover will depend on what your needs are, as well as the terms of the policy you take out.
Before you choose your policy there are a few things you’ll need to know, including how to work out the start and end dates of your policy, who’s covered under your policy and how to make a claim.
As an owner builder, you should always take out your insurance before any construction work commences. In most circumstances, setting the start date for your policy a little earlier won’t affect your premium, as owner builder insurance premiums are usually calculated on the project value, rather than the length of time. This means that regardless of whether it takes you six, nine or twelve months to build, your premium will remain the same.
Your policy will be project specific and non-renewable, therefore cover will terminate at the end of the insurance period stated in your policy’s schedule or at the time of practical completion; whichever occurs first. That said, if you require more time to finish your project’s construction, an extension of your insurance period can be considered, upon request, based on the details of the current construction work and any loss history.
Your insurance period will end when one of the following points are reached:
Please note: Practical completion is when the construction works are complete, except for minor omissions and defects that don’t prevent the completed works from being able to meet their intended purpose.
If you stop construction for more than 30 consecutive days, your policy will not cover any claims. Your cover will also lapse immediately after abandonment. If you need to stop your project’s construction for any reason, you will need to notify us at once.
Unfortunately, sub-contractors won’t be named as an insured in your insurance schedule. However, most owner builder insurance policies will indemnify you for:
When making a claim, you will need to:
You will also need to provide proof of ownership, loss or damage, and the value of the items you are claiming for by presenting the following documents:
If you are performing a major renovation or extension, generally your household insurance policy will not cover your existing house structure whilst you are undertaking the renovation or extension. As a result, we always suggest that you contact your household insurance provider before you commence your renovation or extension to check if your existing house structure would remain covered. If your household insurance provider doesn’t agree then we can arrange cover as part of your owner builder insurance policy. Please note that this cover is not automatic as it is an optional cover extension.
No you are not covered for personal injury under owner builder construction and liability policy. If this cover is required then separate personal accident insurance will need to be arranged.
Would my family members be covered for Personal Injury if they get injured? No they are not covered for personal injury under owner builder construction and liability policy. Again, if this cover is required then separate personal/group accident insurance will need to be arranged.
No they are not covered under owner builder construction and liability policy.