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Article on How long can I insure? by adam

How long can I insure?

Adam Weaver

What happens if my build takes more than 12 months?

In an ideal world, every owner builder would finish his or her project on time and on (or under!) budget. 

But in the real world, projects have delays; the weather goes bad at a critical stage, tradesmen don't arrive on time, or the owner builder falls ill and can't work until fully rested.

Budget for the worst case ...

About half of all owner builders need to extend their owner builder insurance at least once, and some of those need to extend multiple times. Whilst no-one wants that to happen (we all want the project to complete on time and on budget), it's important to make sure you have an insurer who can keep you covered through the delays.

... up to 3 years ...

We can cover owner builder projects for up to 3 years from initial commencement. Luckily not many owner builders need a three year policy (most complete within 18 months), but some do require extensions following major project delays.

Most of our competitors only offer a 2 year maximum; meaning the unfortunate owner builders needing a third and final year can be left in the lurch.

... then plan for the worst case ...

When choosing an owner builder insurance provider, why not ask some hard questions:

  • For how long can this policy cover my project?
  • What happens in 12 months' time?
  • When we extend, can we choose a shorter period (e.g. 3 months)?
  • What happens when we reach your maximum insured period (e.g. usually 2 years for non Allrisk companies)

... and get a quote from Allrisk

We can cover projects for up to 3 years from commencement; we contact you in (a little under) 12 months time to offer extension periods; we offer short extension periods (3, 6, 9, or 12 months) and can do shorter 1 or 2 months in some circumstances, and if you (unfortunately) need more than 3 years, we'll try to find you a fourth and final year of insurance. 

Why take a chance that you could be left in a difficult position if something goes wrong on your project - why not get a quote from us today? Quotes take less than 90 seconds and are instantly e-mailed to you for review.

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