If you are carrying out an extension on your existing home, it is important that you consider the wording of your home insurance, as most policies not only generally exclude the work being carried out, but also have wording that will place exclusions on your existing cover making your existing cover for any normally insured event worthless.
As an Owner Builder, you will be the person who could be held responsible for any injury caused to a third party or property of other people. This is a serious exposure where the appropriate insurance needs to be in place.
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Owner Builder Insurance protects you during the construction period for project and preexisting structures that you show on your schedule that you wish to cover. It will also cover the removal of debris and potentially architects, engineers and surveyor fees if you select that cover.
Claims Example:
You have taken a cover for the project of $100,000 with a removal of debris amount of $5000. You have an excess of $1,000.
A storm damages the project, the insurer assesses damage at $50,000 and removal of debris at $2000. The insurer assesses and agrees a settlement of $52,000, less the excess of $1,000. Claim payment would be $51,000.
Your home insurance Public Liability insurance will generally not respond to any claim due to the construction project you have underway as an owner builder. Owner Builder Liability Cover protects owner builders against third party personal injury and property damage, that occurs during the period of policy.
It is also important for you to know that Owner Builder insurance does not protect you for any Workers Liability (Workers Compensation). If you are employing employees, you must follow the required state legislation in relation to Workers Compensation Insurance or Workcover.
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