# Forum Forum Help Desk Introduce Yourself  Owner builder insurance ran out

## GreenMelb

Hi all,   My Owner Builder insurance policy has a max timeframe of two years, they do not offer any extensions further than that. I had the property sitting vacant for over a year waiting for plans and permits to finalise and only started the construction not that long ago, but my 2 year time period was ticking from day one and has now expired.  I spoke with another broker who has given me a quote to step in and insure this project that has already commenced, but the thing is its with the same underwriter that I'm with currently. Can I start a new policy with this same underwriter who wouldn't offer me more than a 2 year extension on the existing policy? Or does that make the new one void? They musta have so many policies coming through every day perhaps they wouldn't even notice there was already an existing one in place in the past.  Thanks

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## JB1

I'm sure the broker would give the right information.  
Just keep all correspondence in writing/email.   
Se

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## sol381

You get owner builder insurance down there. How does that work. Certainly dont get it in qld.

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## UseByDate

https://ownerbuilderclub.com.au/Insi...der-insurance/

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## JB1

> You get owner builder insurance down there. How does that work. Certainly dont get it in qld.

  I'm certain you can get it in all states. 
It's owner builder CONSTRUCTION insurance.  https://www.buildsafe.com.au/owner-b...ity-insurance/ 
It's to protect against accidents, theft, vandalism,  public liability. Will not protect against shoddy workmanship. 
You'll be crazy to owner build a house without one. 
k

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## Arron

Ours runs out around March next year - probably 3-6 months before completion. 
I spoke to the broker and she said the policies were only 2 years long for acturarial reasons - in other words because most of the big claims occur after 2 years of progress they can make more money by only insuring the period when claims are likely to be small. 
She also said that we should have no problem getting another policy from a different source. She also said it should be cheaper because the outstanding work will be so much smaller - itll be more like regular building insurance with a small construction component. I hope she is right. 
I would never do anything in the hope an insurance company doesnt notice some material fact. It may give them a reason to decline the claim based on incomplete disclosure. For peace of mind, I would at least raise the issue.

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## GreenMelb

I think that's a very good idea, ill send them an email so its in writing to ask if I can take out a new policy with the same mob even though I was an existing policy holder. Interesting to hear why that 2 year rule is in place. 
The problem seems to be this one mob apparently does 90% of Australia's owner builder insurance, so when I've looked elsewhere the prices im getting are over double what the original policy was. Good luck finding new insurance, id recommend speaking with a lot of brokers as I've found big swings in pricing.

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## GreenMelb

Great article, thanks mate

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## GreenMelb

Good idea, Ill send them an email and ask.  :Smilie:

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## Arron

Please keep us informed of the result. 
Ps. Our broker is AOBIS in Vic. I expect yours is too.

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## GreenMelb

Hi Aaron, 
I got in communication with a new broker and asked them directly - Can I take out a brand new insurance with the same insurer I already hold a policy with, which is due to expire shortly as they will not extend it any further. The answer, surprisingly, was yes! Even though I had an existing policy with that insurer, I was able to start a brand new one. 
The stipulation being that I took out the insurance a year before my building permit was even granted and construction commenced. So my construction period was still only 1 year to date of works. Had I started construction on day one of taking out the insurance, and my construction period be 2 years, they likely would not have allowed me to take out this new policy.  
The broker that issued me this new policy with the same insurer was AOBIS / VIC. Saved over a grand with this win. 
Cheers,

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## Arron

Who was the original broker you spoke to ?

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## GreenMelb

Original broker was Buildsafe mate

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