Public Liability Insurance for Renovations

by reno on September 13, 2011

There are so many things to think about when planning your renovation.

Which colours do we want?  What materials will we use?  Which builder will we go with?

These are all important questions, and there are a million others to add to the list as well!  Yes it can be stressful, but at the same time it is very exciting.

It may seem overwhelming at times, but remember that these are all good things!  There will always be ups and downs, but overall the renovating experience should be a positive one.

But what if things do take a turn for the worse?  I don’t just mean the odd speed bump here and there, I’m talking about serious property damage – or worse – serious personal injury.

Have you thought about that posibility?

The financial fallout from such events can be devastating, and not just to your renovation project, but to your whole life.

The easiest way to manage this risk is through insurance.  There are a number of different types of insurance available, some of which you’ll hold yourself and some of which your builder or tradesman will hold.

With regards to property damage and person injury to others, public liability insurance will be your best bet.  Generally your tradesman or builder will have this cover, but you should definitely check with them to make sure they hold the cover and that it’s sufficient and appropriate for your particular renovation project.

Your general home building insurance should also include an element of public liability insurance, but be warned that many home insurance policies won’t cover you during major renovations, especially if the work is structural.  It’s best to check this with your home insurance provider, or take the safe option of taking out your own public liability insurance or checking the builder and/or tradesman’s insurance.

If you’re going down the owner builder path then you’ll need a different range of insurances to protect yourself, anyone else who comes on site, and also any subsequent purchaser of your home depending on which state you live in.

Your renovation project should be full of fun and learning, but make sure you get your insurance sorted out in case things go pear shaped, because in reality insurance is the only thing that’s going to save you financially.

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