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Owner Builder Insurance: Advice for Beginners

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So you have decided to take matters in your own hands and become an owner builder?

As an owner builder, you are responsible for the management of the renovation or construction of your home. You will have the satisfaction of successfully renovating or building your own home the way you like it, however, you will also face a unique set of risks and responsibilities, and comprehensive owner builder insurance is an essential requirement.
 
Why do I need owner builder insurance?
Owner builder insurance is not mandatory, however it is strongly recommended by the Department of Fair Trading. Many councils and financiers will not grant approval or fund an owner builder project unless Owner Builder Construction Insurance is obtained by the owner builder. It is often too late to take out this insurance cover near completion, and when a financier or bank requests proof of cover, the result may leave an owner builder without the necessary funds needed to complete their project.

Owner builder insurance is designed to avoid complications resulting from contractor injuries and disputes, vandalism and targeted theft of materials, and liability claims for damages that could range from the thousands to millions of dollars
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