As an owner builder, one of the easiest traps to fall into is thinking that owner builder insurance is compulsory, every policy is the same. You may think that it’s just another cost to your project. A cost you get out of the way by going straight for the cheapest option just to comply with regulations. Unfortunately this would be a big mistake. Owner builder insurance is compulsory, but for a very good reason, it is there to protect you.
Your owner builder insurance covers a wide range of situations that can occur during your project. Depending on exactly what you are doing and how it is organised, insurances you may need include:
- Contract works
- Public liability insurance
- Voluntary workers insurance
- Workers compensation
- Existing structures cover
- Tools and equipment
They cover you for accidents and incidents that affect you and your property. This is crucial, you don’t want to be stuck unable to work without cover. However, what is perhaps even more important with owner builder insurance is cover for public liability. This is because even for professional tradies, things can go wrong, and you really need to have insurance for that.
If someone is hurt on your project for any reason, it is obviously a terrible thing. However, you don’t want to be losing your own home and savings to pay for that. The Public Liability part of your owner builder insurance means that if the worst should happen, you won’t have the financial worry to go with it.
So What Aspects Of Owner Builder Insurance Do I Need?
Of course, you may not need some aspects of the coverage, for example, if you are not using any contractors. This is why it is important to find a provider that offers tailored owner builder insurance that covers everything you need. No one like paying extra for things they do not need. Good insurance providers will work closely with you and your project to make sure you are covered for exactly what you need. No more, no less.
As an owner builder, you have taken on a big project, that is a lot of responsibility. It can be easy with some aspects to just make a quick decision to save time. However, when it comes to owner builder insurance, as we can see, that would be a mistake. By taking the cheapest option you can find just to comply, you may find you don’t have the cover you need when it really matters. Likewise, if you don’t pay attention, you can end up with an owner builder insurance policy that leaves you paying for some cover that you don’t require at all. That will just be an added expense that you don’t need.
Take the time to find a trusted insurer to discuss your owner builder insurance needs. You can find a tailored policy that covers everything you need, without spending on anything more. That way, not only do you comply with the need for owner builder insurance, but you have the right cover should it be needed.