Doing some renos over summer? If your plans involve structural changes to your building or removal of any roofs, cladding, doors, or windows, your current home insurance may not cover loss connected to the building works.
Before hammer time, stop. Call us first to check whether you’ll need Contract Works Insurance to cover your property while work is in progress.
We’ve recently updated our Contract Works Insurance policy with some new automatic benefits, new optional benefits, and updates to existing benefits. You can find all the details in the policy wording, but for now, here are some of the key updates.
Under our updated Contract Works Insurance policy, you’re now automatically covered for these benefits:
Overseas airfreight expenses
If you need to order items from overseas to repair or replace your property after it’s damaged in a covered event, we’ll pay reasonable airfreight costs.
Protection expenses
Transit and storage
Previously, we provided cover up to $25,000 for items ordered for your building works that were damaged while in transit. We’ve now increased this cover to $250,000, and have also expanded cover to include items damaged while in storage, provided those items are intended to form part of the building works. For example, if you buy a fridge to go into the property and it’s damaged while in your offsite storage, we’ll cover the cost of replacing or repairing the fridge.
The updated policy offers these new optional benefits:
Completion cover
Post loss land improvements
This optional benefit covers the costs of reinstating land physically damaged during the construction period (other than by fire) that is part of the contract site. For example, if there’s a flood and the land on the property is eroded or has a slip, we could pay up to $25,000 towards the cost of installing a retaining wall.
Policy benefits may be subject to sub-limits and different excesses. Please read the policy wording for full details, limits and exclusions, and call us to discuss your renovation insurance needs. Insurance cover is subject to approval.
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