Home Renovators Insurance
Learn more about how to protect your home during renovations
Home Renovators Insurance
Learn more about how to protect your home during renovations
Everything you need to know about Home Renovators Insurance
Is your existing home insurer not willing to cover your upcoming renovations?
Renovating a home is a common occurrence, and many home owners aren’t aware of the risks of not letting their home insurer know about their renovations.
Many that plan on doing renovations to their homes find out that their home insurer are not willing to insure the renovations.
Morgan Insurance Brokers can provide a tailored construction policy for home renovators.
Ensuring that your property is protected with a comprehensive insurance policy with an insurance broker behind you come claim time is the smartest thing you can do to protect your greatest assest, and your largest investment.
Renovation Insurance - Contact Us for a quote!
What will my renovation insurance policy cover me for?
A renovation insurance policy will protect your property from major perils such as, but not limited to; fire, vandalism, storm, flood, wind, and hail.
Your Commonly Asked Questions, Answered
Is my house insured whilst renovating?
Most home insurers will decline to offer you home insurance whilst renovating because there is an increased risk in damages to the property by tradesmen, and an increased risk to individuals such as your guests entering the property and injuring themselves.
What value of my renovations will void my traditional home and contents insurance?
We see that this figure does differ between insurers. Some insurers have a low threshold of $50,000 whereas other insurers offer a slightly higher threshold of $100,000.
Vacant property guidelines
If your home insurer has accepted your renovations, great news! However, be mindful of what their conditions are around how long your property can be vacant for. Most insurers have between a 60 to 90 day unoccupancy clause, and if you exceed this duration, your insurance could be void.
Insuring your home building whilst undergoing renovations
Finding an insurer that will insure your existing building during renovations can be hard if you don’t know where to look. Fortunately, the team at Morgan Insurance Brokers handles insurances like this on a daily basis. We have access to a panel of insurers that will insure your existing building whilst the property is undergoing renovations.
Am I classified as an owner Builder, or a home renovator?
Owner builder
In Queensland, an owner Builder is usually the person who owns the property, and is undergoing works to the property over $11,000 which they are overseeing themselves. As the role of the head contractor for your renovations, you will be responsible for the site, including and damages to your property, and any injuries to the subcontractor’s that you engage. You also have a responsibility to ensure that the public, including your guests, that enter your property during the renovations are also safe from injury.
Home renovator
A Home renovator is a residential property owner that engages a licensed builder to oversee, and carry out the works to their property. The licensed builder will have their own insurance policy to which covers Public Liability and damages to the areas undergoing renovation, repairs, alternations, or extension. An Owner Builders permit is not required.
But wait, won't the builders insurance cover my house?
Your builders insurance primarily protects the parts of the property that are being renovated. For example, if you are building a deck, the builders insurance will protect the builders interests for the erection of the deck, rather than your existing house. It is not common for Builders to take on the Liability to your home for events such as storms or fire. It is in your best interest to purchase your own policy to protect your existing building, in the event that your home and contents insurer does not agree to insure your property.
Am I doubling up with my builder by insuring the contract value as well?
The policy that you take out whilst your property is being constructed will protect your existing house + the renovations that have been completed to your property. For example, if you had a $1M house and you were doing $1M worth of renovations and there was a fire that destroyed everything days before the completion of the renovations, your construction policy would look to pay $1M for the existing house + $1M for the value of the renovations that have been completed.
It is also not possible to just insure the existing house/structure under a construction/home renovators insurance policy.
How do I get a quote?
Contact us today and Morgan Insurance Brokers will guide you through the process of protecting your greatest asset with an Insurance policy that is going to respond.
