Step 6: Protecting What Matters Most, Looking at Insurance
This is step 6 in a 10 step process uncovering whether Owner Building is right for you.
Accidents happen. Mistakes are made. The unplanned becomes reality. Make it your rule, before you break ground on any new build or renovation project have the proper insurance policies in place to protect your family and your future.
At BuildSafe we’ve created a suite of policies especially tailored to the needs of Australia’s owner builders. You’ll want to have a chat with one of our building insurance specialists to talk in detail about your particular project and how to best structure your personal safety net, but let’s wet your toes a bit. In this post we’ll cover the gist of all three major insurance policies related to an owner build.
Flying blind: not a legitimate option here.
Many financial institutions will require building insurance as a requisite to your loan, but this doesn’t mean that paying cash negates the need for protection. You’ve got to ask yourself, “Can I really afford the risk?“
Remember that insurance is not a luxury, nor is it something that’s “nice to have” if the price is right. Building insurance is an absolute necessity for any owner builder. Period. The end.
Much worse can happen than dropping a hammer on your toe.
Construction is dangerous business, which is why even the pros carry Personal Accident Insurance. Building contractors don’t want their families left out in the cold if an on site injury renders them unable to work, and neither do you.
BuildSafe’s Personal Accident Insurance is tailored exclusively for those taking on the responsibility of building or renovating their own home. The policy protects not only the owner builder, but also their partner, as well as any family members that are on site during the construction period.
Coverage includes loss of income and medical expenses resulting from an injury incurred during the building or remodeling of your home.
There are a lot of idiots out there.
We live in a world of litigation and Australia is one of the most litigious countries in the world. Construction and Public Liability Insurance will protect you from a massive lawsuit in the event that some third party comes onto your work site and hurts themselves. You’ll also be covered should they
cause damage (either accidentally or maliciously) to your property.