Owner Builder Insurance

Hi there,

I had a quick search but didn't have much luck. I know there are a few of us out there undertaking our owner building adventures.

So my query is, who did you go through for your owner builder insurance? I googled a few but if someone would like to share their thoughts or experiences I would rather trust you guys and get a good service than take my chances on the net.

Cheers, thanks.

Do a search on Buildsafe
Dont activate it until you start building.

We are getting ours through F D Beck - 1300 155 338

JB

My parents went with The Builders Insurance Broker and were happy with them.
I got a quote from them yesterday and it sounded reasonable. Their email is martinw@buildersbroker.com.au website:
www.buildersbroker.com.au

Oh, my parents didn't have to do any claims with them but chose them simply because they were the cheapest.

Thanks alot guys,

will try F d Beck, with the builders broker the quote I got was very reasonable, doesn't hurt however to send of a few more requests. All the responses are greatly appreaciated!

So it seems to me that you need 3 or possibly 4 kinds of insurance:

1. public liability
2. construction
3. personal accident (for you or friends who work for free)
4. workers comp????

Am I right? What do other people have??

Loretta

My parents only had the first one "public liability"

Workers comp is only needed if you are employing people, rather than subcontracting them.

JB

Maybe NSW is different? I just found this:

http://www.workcover.nsw.gov.au/WorkersCompensation/InsurancePolicies/WhoShouldHavePolicy/Pages/default.aspx

I would check that one. I reckon if you are employing someone to do a specific task eg a plumber, then you won't need it. If however you were employing a general labourer on a day rate then you probably would.

JB

I have just sent off a heap of requests for quotes and thought people may benefit from the list of contacts (rather than spend hours googling):

owner builder insurance brokers
the builder insurance brokers
FD Beck
the building centre
CGIB
saville hicks corp insurance
action insurance
australian home warranty insurance
building insurance solutions
BRIC

Have no idea if any are any good or preferred.

L

Thanks alot Loretta, seems like all the companies will be getting the same emails??

For the record the one that is winning by a fair whack is FD Beck, Thanks James!! about 500 cheaper.

Hopefully the cover they offer is as good! I think we will get it from them - we have to make a decision in a couple of weeks.

JB

we havnt got any insurance at all i figure the people i employ have their own so why pay more.my understanding is we only need it if we are having non insured tradies working for us but as we are doing everything ourselves then its a waste of money.and will they really pay if we put in a claim i doubt it seems too many insurance companies are taking but not paying back.

I think insurance is one of those things that are totally specific to your circumstances. eg. if you are building in a remote area then your chance of malicious damage or theft of materials is low hence no need for construction material. Likewise, your need for public liability insurance is lower is you aren't building on a slope (eg your house goes sliding off down the slope and destroys other property or kills someone) or have trees that need to come down (eg your tree falls onto your neighbours house and flattens it and everyone in it). It all a matter of weighing up potential risk against the cost and of course what the excess is. for instance, would you both paying the $1000 excess if someone stole your copper piping for hot water? (as someone did to our neighbour).

horses for courses really

what will you do an electrial fault caused he house to burn down during contruction??

well assuming that an electrical fault was caused by the negligence of my electrician he would be liable for any damage.
however once the house is at a certain stage we will get home insurance but we dont need builders insurance or public liability ect...

agree loretta we are in small country town so theft isnt an issue and noone ever goes on our land so not a problem either i guess in suburbia i could see why you would need it

I think by law you have to have certain insurances especially public liability.

You certainly wouldn't want anyone to hurt themselves on your site (tradie or non tradie) and sue you for damages.