Of the many responsibilities that you will handle as an owner builder while managing a construction project, you will need to ensure you are covered against all possible losses and eventualities – a feat that is possible throughowner builder construction insurance. Getting the project insured is highly recommended and is even legally mandatory in some Australian states.In case you are in the process of selecting the best owner builder construction insurance provider for your project, here is a comprehensive guide to help you with the selection.
Experience – While choosing the owner builder construction insurance provider, it is quintessential to scrutinize the years of experience possessed by the company in question. They should understand various facets of the construction industry and should be able to provide suitable solutions according to the needs of an owner builder.
Reliability – Looking for a trustworthy owner builder insurance provider is importantas the industry is fraught with frauds and scams. Make sure you select a service provider that is able to maintain transparency in theircredentials and compensation process. The service provider should also be unbiased and proactive in offering full compensation to the claimants.
Professionalism – Choose the insurance provider that brings all your worries on one table and resolves them, helping to avoid hassles of consulting, documentation and payment.A professional insurance provider will avoid making any misleading statements and wrong commitments, ensuring you get what you paid for.
Affordable – The owner builder insurance provider should be light on the pocket. Select the one that is affordable (yet professional) in terms of services offered and handling claims processes. It is recommended to hire a local insurance provider for your hometo enjoy increased savings.
Variety – Being an owner Builder requires you to handle various risks pertaining to the construction process. The construction insurance provider you choose should offer a wide variety of solutions including:
Public accountability insurance – sToshield you from the liability of anyone getting injured at or near the construction site.
Building works insurance – To cover risks that are part and parcel of the construction process.
Individual accident insurance –To cover medical costs in case of accidents/injuries on the construction site.
Owner builder warranty insurance –To manage cost fluctuations if you wish to sell your property post construction.
Consider these points while choosing an owner builder construction insurance provider in Australia for your project. Be safe and secure!
ABOUT THE AUTHOR
The Owner Builder Club was founded to provide potent and accurate information along with necessary assistance to people in Australia who are looking to become owner builders or might already be handling a construction project for their home. They provide links to various service providers offering owner builder loans, insurance, courses, contractors and more at different locations within Australia including ACT, NSW, NT, QLD, SA, TAS, VIC, and WA.