Hi, I'm building a new house in country Victoria. We have contracted a builder to build to "lock up" and will finish the project ourselves. As such we need to take out owner builder insurance to cover from when the builders finish to occupancy cert stage.
My problem is I've had three quotes so far and all the policies have a clause whereby the building is not insured for the first seven days against bushfire, leaving us exposed for a week! This seems unreasonable given if we bought an existing home we could take full cover from settlement date. The builder has confirmed that the works in progress are covered by his policy for bushfire so not sure why we can't simply continue cover.
I am waiting for one broker to see if the clause can be waived or if we can start the insurance policy prior to the builders completing their part, but hoping someone else may be able to offer an alternative solution?