"We do not cover construction of swimming pools only, unless part of a larger residential project (Example New Home and pool project) and unfortunately will be unable to assist you. We recommend you find an insurance broker or obtain insurance from the swimming pool installer/contractor."
"Projects at Lock-Up will require a full application and will be referred to CoverFirst for further consideration. Note our maximum construction period is 24 months from the original project commencement date."
We will also require the following information be emailed to email@example.com so we may consider your application further.1. Value of works completed already $
With respect to Relocated & Transportable Dwellings it is important to note that the policy cover only applies at the final project site location only and only once works have commenced. Therefore we will not cover any existing structure not already on the insured project site or before works have actually commenced.
Construction of a home and swimming pool, we will require confirmation that the swimming pool is being installed by a licensed and experienced sub-contractor. Please email this confirmation to firstname.lastname@example.org to support your application, otherwise we will be un-able to assist you with your project.
(Cover for when you are selling your home)
CoverFirst covers only the building phase of your project construction only. If you are selling your home you most probably require Home Warranty Insurance which we cannot assist you with.
The realistic cost of replacing home is not your construction cost! As an owner builder you need to factor in consideration for your time, labour and effort.
Insurance for an owner builder should always be calculated based on what a professional builder would charge you for the same job. This is because you may not be in a position to rebuild as an owner builder.
For example many owner builders use long service leave entitlements when building their home. However if a major insurance loss occurred well into the building process many owner builders would not have the time available to start the project over again. Even if you did have the extra time available you may not want to go through it all again as an owner builder.
A lower premium based on your construction cost could also cost you thousands of dollars in the event of a major insurance claim. In the event of a claim the insurance company would establish if the policy taken out was enough to cover the total project. If not, the insurance company will pay the same percentage of the claim as the project was underinsured. This means if the claim was for $100,000 and the project was determined to be 50% underinsured the payout would be $50,000, leaving the owner builder $50,000 out of pocket!