{"id":4765,"date":"2017-05-30T00:00:50","date_gmt":"2017-05-30T00:00:50","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/what-to-know-about-building-insurance\/"},"modified":"2017-05-30T00:00:50","modified_gmt":"2017-05-30T00:00:50","slug":"what-to-know-about-building-insurance","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/what-to-know-about-building-insurance\/","title":{"rendered":"What to know about building insurance"},"content":{"rendered":"

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You insure your car, your health and even the family pet. So it makes sense to insure your home \u2013 even if it doesn\u2019t exist yet.<\/strong><\/p>\n

What does building insurance cover?<\/h2>\n


<\/strong>
According to one of Australia\u2019s biggest insurers, NRMA, Australians building a new home should protect it while it\u2019s being built.<\/p>\n

General Manager of Customer Experience and Marketing for NRMA Insurance Jane Merrick says insurance exists to \u201chelp people get back to the position they were in before they suffered a loss\u201d.<\/p>\n

\u201cThat\u2019s why it\u2019s important to ensure you are covered from unexpected events like storms, fires and malicious damage when building a new home,\u201d Merrick says.<\/p>\n

\"Builder<\/p>\n

You will need insurance to cover the build. Picture: Getty<\/p>\n<\/div>\n

\u00a0<\/p>\n

How do owners insure a property under construction?<\/h2>\n

First, Merrick says, ensure the builder has a valid insurance certificate.<\/p>\n

\u201cFor example, builders in New South Wales need to have insurance under the Home Building Compensation Fund to ensure consumers are protected against defective or incomplete building work,\u201d she says.<\/p>\n

Other states have similar schemes.<\/p>\n

Check out the NSW Fair Trading website for more information about the Home Building Compensation Fund.<\/p>\n

\u201cFor additional protection, we encourage people to get \u2018contractors all risk\u2019 cover, which provides protection for common risks like storms and fires or malicious damage,\u201d Merrick says.<\/p>\n

\u2018Contractors all risk\u2019 cover provides cover for the whole construction period and includes protection for building materials<\/a>, any building work that has been completed and liability at the property.<\/p>\n

Should owners change insurance type at any stage during the building process?<\/h2>\n

\u201cIf you have a \u2018contractors all risk\u2019 policy, this covers you for the whole construction period and doesn\u2019t need to be updated for the different building stages,\u201d Merrick says.<\/p>\n

When should owners switch to a home and contents insurance policy?<\/h2>\n

When the new house reaches the \u201clock-up\u201d stage, home owners should organise home building and contents insurance.<\/p>\n

\u201cIf you know the date the construction will be completed, you can call your insurer in advance to select the date your home building and contents insurance will be effective from,\u201d Merrick says.<\/p>\n

NRMA Insurance has an online tool which can help home owners identify the risks facing their suburb and work out the right amount of insurance cover.<\/p>\n

What about renovations?<\/h2>\n

\u201cIf you are undertaking renovations on your home, it\u2019s important to talk to your insurer and check if you are covered under your home building and contents insurance policy. Cover will depend on the scale and scope of the renovations,\u201d Merrick says.<\/p>\n

If using a builder, check they have a valid insurance certificate before any work starts.<\/p>\n

\u201cOnce the renovations are completed, take the time to update your policy so it includes the changes made to your home.\u201d<\/p>\n

\n <\/p><\/div>\n

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Realestate.com.au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

[ad_1] You insure your car, your health and even the family pet. So it makes sense … What to know about building insurance<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[8471,2890,12908,543,617,698,258,1007,41,818],"class_list":["post-4765","post","type-post","status-publish","format-standard","hentry","category-opportunities-in-new-markets","tag-compensation","tag-construction","tag-home","tag-home-buying-guide","tag-house","tag-insurance","tag-new-home","tag-owners","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1980,"url":"https:\/\/amazingproperty.com.ng\/blog\/protect-home-expert-security-tips\/","url_meta":{"origin":4765,"position":0},"title":"How to protect your home: Expert security tips","author":"Amazing Property","date":"March 19, 2017","format":false,"excerpt":"Whether you\u2019re a home owner or a renter, home security should always be front of mind. 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