Granny Flat Insurance Pack provides purpose designed insurance for small but important projects. From $1.91 per day, all inclusive, full comprehensive insurance, including personal and property loss cover with public and legal liability cover built in.
You choose optional cover against damage to driveway, pathways and landscape.
Optional voluntary workers and helpers, friends and relatives injury insurance cover.
Steal strength construction insurance against owner builders’ financial loss caused by storms, damaging winds, rain and water damage, fire, including bushfire and subcontractor incidents. Public liability, legal liability included
Granny flat activity continues to rise across all states, but none like NSW. This year, thus far owner builder Granny Flat activity has increased by 74% over the past year.
A typical granny flat arrangement is a dual occupancy in a detached dwelling on a block of land where a primary residence already exists. But a granny flat can be created on any kind of dwelling and not just those typically referred to as granny flats. For example bungalows, outhouses and pool houses. With an average construction value of $105,000, and increasing land values, granny flat investment can yield well within retirement time frames.
NSW applications for granny flat insurance outweighed other states by 40%, and NSW accounts for 70% of the national insurance market to this sector, according to 2017 Qtrust Insurance results. This may be direct consequence of NSW property values and desire of older Australians to maximise their home values. A small shift in geographic spread between metropolitan installations verses regional centres now places city and regional granny flat construction projects as evenly balance.
Taking out insurance is often determined by 5 key triggers:
- Home improvement cost and personal investment such as extending the mortgage, relocating the family and complexity of building works, and the consequences of unforeseen incidents that may devastate a family’s financial position;
- Sub-contractors risks or suppliers causing injury or damage or defective workmanship which drags an owner builder into legal disputes, demanding expensive financial compensation;
- Family visitors, friends and volunteers invited on site and injuring themselves;
- Existing home (and contents) insurance policy will not continue to insure whilst construction works are in progress, leaving a home owner fully exposed with no insurance and public liability. With most assets tied up in the family home, this situation is seriously risky.
- Finance provider (eg bank) requires insurance prior to releasing funds.
Qtrust’s sole purpose is to protect and safe guard owner builders assets. We insure against personal loss or property loss which may be caused by:
- Thief and burglary
- Vandalism, malicious damage or destruction of your property
- Fire, including bush fire
- Heavy winds
- Rain and water damage
- 3rd party property damage
- Public liability
- Legal liability
- Liability due to your negligence
- Liability to other parties