If you want to
renovate your house or planning to build your dream home, Owner Builder insurance might help you
to complement your wish. An owner builder is one who intends to build a new
home or renovate or extend his/her existing property without the monetary help
of registered builders.
An owner
builder works as the authentic builder and has the very responsibility of
supervising subcontractors, workers, or visitors to the construction site.
Therefore the person is reliable to take responsibility if anyone gets injured.
Insurance
requirements vary for separate states, and as it involves various construction
activities, it involves certain risks. Therefore, to safeguard the life
involving in the construction site, the person should secure specific
insurance.
The following
insurance is some of the best options you should have before to start building
your property.
Public
Liability Insurance: this insurance covers all kinds of third party
injury as well as damages of property. Always confirm your subcontractors for
certified contractor insurance and make sure they possess their personal
compensation insurance.
Construction
Insurance: Construction insurance is an integral part of avoiding any
unforeseeable risk during construction. It can be any fire damage, storm, wind
damage, theft, water damage, so on.
Workers
compensation: It is only applicable to the very workers who are employed at
the site of construction.
Personal
accident or injury insurance: it ensures the safety of the owner builder
from any accident in the construction site.
Voluntary
works: It is essential if you have your family and friends working
on the construction site for free.
Each state has
their own requirement for owner builder, therefore before you initiate your
construction plan make sure you are well-aware regarding the insurance
coverage, terms and condition.
More to
know
The most common mistake owner builders commit is they wait until they have partly commenced construction before registering the insurance. It is advisable not to assume the covered areas of the insurance; therefore, it is better to confirm the details of the insurance coverage with the individual policy maker. Discuss the entire plan with the owner builder insurance expert to identify what policies one should be registered with.
