Australian Owner Builders Insurance Services (AOBIS) has launched a new product, called Renovators Home and Contents Insurance, which is designed to protect homeowners when using a registered builder to extend or renovate their home.
AOBIS Senior Underwriter Stacey Newham said the new product, a “game changer”, will give brokers the advantage of gaining some market share back into the home market and increase their portfolio offerings.
Newham explained that many homeowners assume that they have their home and contents covered, only to find out in an event of a claim that they don’t.
“The market has been crying out for a product to ensure that the homeowner is fully covered when renovating…[this] is a unique policy that covers the builders’ work renovation, existing Home, and Contents cover all in one product.”
The Renovators Home and Contents Insurance is comprised of a Builders Construction and Public Liability Insurance, (Existing) Home, and Contents Cover, which is conditional on the renovation/extensions and existing home being insured.
The builder or homeowner can purchase the policy, the homeowner will be listed as the principal and the builder can remove this job from his or her annual declaration.