Browse Forums Owner Builder Forum 1 Jul 17, 2012 9:12 pm Guys when did you switch form OB Insurance to General building insurance? I'm close to being habitable (Maybe 2 - 3 months away) but dont intend to move in until a lot of the outside work is done so will be probably more like 5 months away. Landscaping, rendering etc which although not stopping occupation technically we still are doing things as part of the build So wondering form those who have gone before when you switched over. I had the quote from FD Beck to extend for 6 months and its as much as the initial 12 month quote and the excess rises from $1000 to $2500 which is up there. Just trying to find a cost effective solution without leaving myself exposed to something nasty https://forum.homeone.com.au/viewtopic.php?f=38&t=44762 My Owner builder journey extending a 1930's Bungalow Re: When to switch from OB Insurance to Building Insurance? 2Jul 18, 2012 12:23 am You might be best talking to an insurance broker or your insurance company, I have not looked into it at all, but you don't want to have insurance and find that because you have your CofO or something silly like that, that the policy is null and void! The devil is always in the detail, so either way reading your policy is highly recommended! 2 Re: When to switch from OB Insurance to Building Insurance? 3Jul 18, 2012 10:16 am If it were me I'd look at getting the OC then move in and switch insurance as soon as practical then finish off the outside. Surely it wouldn't be that disruptive to your household if that was going on after you moved in would it ? Stewie Re: When to switch from OB Insurance to Building Insurance? 5Jul 18, 2012 11:12 am Had this problem. Once you have achieved lockup, insurer's will insure you for your house and any contents that you may have there. We faced the problem of not having OB Insurance as we had proceeded to far on the build before I tried to arrange it, a bit slack, so have been winging it until not long back - albeit with the heart in mouth sometimes. I shopped around and found insurance for both house and contents. Our only real difficulty was the price due to the fact our street was not recognised due to being a new estate. Their reasons for this were pretty crappy but really we did not have a choice. It had to be done via phone as it was not possible online due the address and the fact we still had work to complete. This is mentioned in the policy. Should something untoward occur we just have to justify our costs to date for any repair/replacement. We intend to just pay by the month at this point until we have our cert of occ then cancel and re-insure, as the address will have to be recognised by then. Settlement 1/2/12 New Shed 23/3/12 Slab poured 27/3/12 Frame complete 4/5/12 Roof complete 1/6/12 LOCKUP 29/6/12 Our new build blog http://kareenhillsownerbuild.blogspot.com/ Re: When to switch from OB Insurance to Building Insurance? 6Jul 18, 2012 10:44 pm Thanks for your feedback guys. My building Licence doesn't require me to get an OC and a quick Google around seems that in WA at least an OC has only come in as a requirement in the last 6 months or so since they changed things over here. (Please correct me if I am wrong) I did speak to my regular Insurer today (AAMI) and verbally they said its not problem as long as major building works are completed and the house is secure they are happy to take back the Policy. Only thing is being unoccupied they said the Excess will be a bit higher (Wont be $2500 like the OB insurance though) So I might need to extend the OB policy by a month but thats not too bad. Then will switch to regular building cover whilst we finish painting, paving, landscaping and all that other fun stuff to make it look pretty. https://forum.homeone.com.au/viewtopic.php?f=38&t=44762 My Owner builder journey extending a 1930's Bungalow Re: When to switch from OB Insurance to Building Insurance? 7Jul 19, 2012 2:31 pm Hi Rob, We're in Perth and yep, you're right about not needing a Certificate of Occupancy. Things have changed since the new building licence legislation when through but even now normal single residential dwellings don't require a CoO, just a notice of completion. We just needed to have our approval to use our effluent disposal system from the council before we could move in as we're not on sewer. We had a similar dilemma with the insurance when we were ready to demolish our old house but our new house wasn't quite finished enough to move in. Because we had such a slow start to our build our first years OB insurance ran out when we had just completed brick work and were about to start on the roof. We requested a 12 month extension and they said no, they only do 6 months extensions. After a stressful week they finally agreed to a 12 month extension the day after our OB policy expired, but across the bottom of the policy written in bold it said no further extensions will be approved. We then thought we would be moved in well before this period expired but we had problems getting our power connected due to the storms and not being able to backfill our service trenches. We tried changing over to normal house and contents insurance but our insurance company wouldn't let us insure under normal house and contents insurance until we had full power connection and a fully functional kitchen. The day before our OB insurance expired for the 2nd time our power was connected so we were able to switch to normal house and contents, and we moved in about 3 days later. Our owner-builder journey - viewtopic.php?f=38&t=45187 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 1279 Hi there, long-time lurker but first time posting. I've bought a house 2 and a bit years ago and last year we had some major water damage on a converted pergola area… 0 5779 I apologise for any confusion, but your understanding is correct. We approached our situation differently based on advice from… 11 37531 |