Browse Forums Building A New House 1 Sep 17, 2011 11:23 am Does anyone know if I need to take out Building Insurance during the construction phase? I'm at frame stage and don't know what would happen if, say, the frames burnt down - do I need to take out building insurance to cover loss now, or is that the builders responsibility until handover stage? I understand that Home Warranty insurance doesn't cover the actual building, but more if the builder dies/disappears, etc. Just something that dawned on me coming into bushfire season and lots of timber around. normette Building a Firstyle, Oran 30 aka THE BIG 'O' Re: "Building" Insurance during Construction 2Sep 17, 2011 1:57 pm Builders responsibility at the present time. You don't have to arrange insurance until the house is complete and handover is about to take place. Then the home becomes your responsibility and insurance will be needed for the final loan payment. Some things are worth waiting for. Re: "Building" Insurance during Construction 3Sep 17, 2011 9:56 pm You should have been given a copy of the building insurance cover and policy. If you don't have a copy then ask your builders. The insurance should be equal to the contract value of your home. House - Lockup completed 23rd December 2011 - Painters are in!!! https://forum.homeone.com.au/viewtopic.php?f=31&t=37261&start=0&hilit=Blaxland 1 62024 Hi Suku18 In NSW the statutory required insurances are: 1. HBCF ( Home Building Compensation Fund) - This is if the builder dies or goes broke. But this only covers 20%… 1 2712 i would suggest nothing is unreasonable for PCI. we did all sorts, including checking the hot water, checking all the GPO's had power, testing that the showers were… 9 98693 |