insurance- What do I need

Just a quick insurance question as I have tried to search the forums for this but cant find the right result I'm looking for.

We will be renovating (derr. Lol) and we have decided to use a builder to do our renos but we are unsure as to what insurance we need to provide and what insurance the builder will provide.

We are not owner building, so I figure that we dont need full builders insurance but what do we need if anything?
Also do we have to notify our insurance company ie house, that we are renovating ??

Thanks everyone.


Cheers Caz an Rog

you know what, just to be safe, ring your insurance company. You can't rely on peoples advice when they don't know the terms of your insurance policy... Someone may tell you their experience, but what if it's not yours = eeeeek!!!

call em, and then let us know too!!!

Annie

I rang my insurance company about this before my builders started.

There seems to be a couple of areas of insurance - there is insurance that the builder wont disappear/go bankrupt, there is insurance on your existing house contents, the building etc. One thing my insurance company brought up was that my current policy wont cover me for damage done DURING the renovation, that is associated with the renovation. eg. if the builder takes the roof off, and then the rest of the house is damaged, that isn't covered.

I spoke with my builder before signing contracts -and they agreed to take out insurance covering damage to the existing building.

Talk to your insurance company ... they'll have different requirements for different states etc.

Also - once you're done ... you'll probably need to increase your insurance coverage for the extension (mine is going to go up awfully!)

Ask other insurance companies. Other sources other references the better.

I remember the last time I got an insurance for our office, the insurance company give me a quote for fire insurance only. The building itself is not included according to the policy. Only the content, office equipments, computers and the like. I don't remember the builder required me to get an insurance during the renovation time.

Hi Ya Lucy,
Thanks for your post. That was exactly the kind of info that I was looking for. it gives me some idea of the areas to look for and ask about when I ring the insurance company. Just gotta find out from our builder as to what exactly his insurance covers then we are sorted. Cheers.

Hey Annietom, you know what,
now that I know the right questions to ask, I will now ring the insurance company to see what we need to make sure we have all bases covered.
When I find out I'll put it up.
Thanks for your help.

Cheers Roger