Owner Builders face a number of risks when building or renovating. BRIC can arrange insurance solutions to support you.
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As an Owner Builder you should have Construction Risks Insurance to help safeguard your work against loss or damage during construction, Public Liability to insure you from claims by third parties who may suffer loss, damage or injury as a result of your work and Owner Builder Domestic Building Insurance for when you are selling your home.
Construction Risks insurance for Owner Builders provides cover for construction work from loss or damage during the construction period and includes materials, tools, plant and equipment.
It provides cover for Legal Liability arising from construction work that causes injury or damage to a third party. It also covers Products Liability (or Completed Operations Liability) which ensures that, once you have completed your project and handed over the work, liability for an injury or damage occurring to a third party as a result of the work is also insured.
If you choose to sell your home that was built or renovated as an owner builder, it is a legal requirement in Victoria to obtain Owner Builder Domestic Building Insurance prior to the sale.
This requirement depends on the value of work undertaken, and also the number of years since the work was completed.
