Does my builder have to insure my home when renovating?
Yes & No
In New South Wales, for example, Clause 22 of the NSW builders contract clearly states that the builder is only required to insure the works HE does. Therefore you, the homeowner need to insure your Home & Contents.
BuildSafe Renovators Home & Contents insurance is designed for homeowners who have engaged a registered builder to complete renovations or alterations to an existing home. It covers the builders renovation & your existing home. Plus contents are optional.
Your home has now become a building site and as far as insurers are concerned, a dangerous worksite to insure.
Which is why we were asked to design this unique product.
It comprises 3 sections:
1. Builders Construction and Public Liability Insurance
This covers the renovation/extension for the basic protections – fire, theft, storm, water & malicious damage together with Public Liability cover.
2. (Existing) Home
When renovations/extensions are over eg. $20,000 – $50,000 the home and contents insurer will suspend the home and contents policy because the home has become a building site, a dangerous & prone to theft site & until the project is completed it is outside the scope of the Home and Contents policy. Renovators Home and Contents will cover the (existing) home together with the Public Liability component
3. Contents Cover (optional)
This cover is conditional on the renovation/extension & existing home being insured. As the site is a building site, we have been able to secure an attractive contents cover.
While Renovators Home & Contents Insurance protects you against fire, storm, water or wind damage, malicious damage, vandalism and theft during your renovations or alteration works. It gives you peace of mind across your whole project, whilst protecting your most valuable asset – your home. It also protects you against third party bodily injury, death or compensation arising from the renovation or alterations.
Also you have the option of including your contents as part of the policy.
Don’t take the risk with your biggest investment by not fully insuring your home, renovation & contents.