Owner Builder Insurance Discontinued
ACS Financial has made the decision to discontinue Owner Builder Insurance as we focus on other core financial services. While we no longer provide this coverage, we remain committed to supporting individuals and businesses with tailored financial solutions.
What is Owner Builder Insurance?
Owner Builder Insurance is designed to protect property owners during the construction or major renovation of their premises. It provides coverage against risks such as accidents, damage, theft, and liability claims—helping owner-builders continue their projects with minimal disruption.
For example, if a severe storm damages a partially completed build, a suitable insurance policy would cover the costs to repair the damage and keep the project on track.
Types of Cover Provided by Owner Builder Insurance
While ACS Financial no longer offers this product, owner-builders should explore alternative providers that offer:
Public and Products Liability Insurance
Protects you against injury or property damage claims resulting from your construction activities that you are legally liable for.
Material Damage Insurance
Covers physical loss or damage to the construction project, including materials, fixtures, and works in progress, caused by events like fire, theft, or storm damage.
Tools and Equipment Insurance
Protects on-site tools and equipment from theft, loss, or accidental damage, ensuring minimal disruption to the project.
How to Get the Right Coverage
Choosing the right policy requires considering:
- Project Size – Larger projects often require higher coverage limits.
- Risk Exposure – Consider location, weather risks, and potential hazards.
- Budget – Compare policies to find cost-effective solutions without compromising protection.
It’s always advisable to speak with an insurance expert to determine the best coverage for your specific project.
Benefits of Owner Builder Insurance
Even though ACS Financial no longer offers Owner Builder Insurance, we encourage property owners to explore alternative providers offering:
- Expert Advice – Insurance specialists who understand construction risks and requirements.
- Comprehensive Coverage – Protection against public liability, material damage, and construction warranty issues.
- Tailored Solutions – Custom policies to suit your unique building or renovation needs.
FAQs About Owner Builder Insurance
Who is classified as an owner builder?
An owner builder is someone who constructs or renovates a property on their own land without hiring a licensed builder to manage the project.
Why do owner builders need insurance?
This type of insurance is essential as it protects against financial losses due to accidents, property damage, theft, or liability claims during construction. Without coverage, you could face significant out-of-pocket expenses.
Do you need a license to become an owner builder?
Yes, most Australian states and territories require an Owner Builder Permit before starting construction. Requirements vary by location.
Can I get owner builder insurance if I hire subcontractors?
Yes, but you must ensure that subcontractors have their own insurance, including public liability and workers’ compensation, to avoid gaps in coverage.
How long does coverage last?
Owner Builder Insurance usually lasts for the duration of the construction project. Policies can be tailored for different phases of the build.
How much does owner builder insurance cost?
The cost depends on factors such as:
- Project size & scope
- Construction value
- Location
- Types of coverage included
Premiums can range from a few hundred to several thousand dollars. Comparing quotes from multiple insurers can help find the best deal.
What is the project value?
The project value refers to the total estimated cost of the construction project, including materials, labour, and other expenses. It determines coverage limits and insurance premiums.
Although we no longer provide owner builder insurance, ACS Financial continues to offer commercial property insurance, professional indemnity insurance, and other financial solutions. If you need assistance finding the right protection for your investment, contact us today for expert advice.
