7 Important things to consider before you start your DIY renovation about insurance
- Insurance Policies will not cover damage to property if it is related to poor workmanship.
- Homeowners will not be covered if their home renovations do not comply with building laws or regulations. If the work is structural a Building Permit is required.
- Not informing the current Home and Contents Insurer of the work prior to commencement can invalidate any claim.
- If you are renovating to sell, that under Victorian Law, any works above $16,000 (Builders Prices) requires Owner Builder Warranty Insurance for the benefit of the purchaser.
- Not insuring friends and relatives even you and your partner and children in the event they are injured on site. Voluntary Workers Insurance is available.
- Check that the value of the work (Builders Pricing) is below the Home and Contents Insurers threshold, if not your Home and Contents will not be Insured.
- Underestimating the cost of the renovation, insurers cost the work on builder’s rates not your own DIY cost, therefore you could be leaving your family exposed.
