Skip to main content

Can I Put My Insurance On Hold


Article on Can I put my insurance on hold by adam

Adam Weaver adam@allrisk.com.au
15-01-2018

Pausing or Holding insurance

Kenny Rogers might've said that you've gotta know when to hold 'em, and know when to fold 'em, but insurance doesn't work like Poker.
Occasionally people ask us if they can "pause" owner builder insurance during a build (maybe for a holiday, maybe while refinancing).
If you think about what the insurance is for, you'll realise that the question doesn't make a lot of sense.

Make sure you Hold 'em ...

Simply put, owner builder insurance covers damage to your project, or damage/injury to others during the build.
Even if you're not actually on the project site, those risks are still in force. Criminals aren't likely to break into your project to steal or vandalise while you're actually there; that sort of thing is most likely to happen when you've left.
That's why it's important to have 24/7 active insurance like our Owner Builder Insurance package, and to keep making regular progress on the build.

... not Fold 'em

If you cancel your owner builder insurance during the build, what happens when something goes wrong? Just as you'd expect, you'd not be insured, and any damage or liability will be coming out of your pocket, not from your former insurer.

Owner builder insurance is pretty inexpensive for what it covers; and the potential financial consequences of not having insurance could be pretty dire. Obtaining insurance doesn't have to be hard - our online quote form takes around 90 seconds to complete, and will instantly e-mail you a quote to review.
Why not get a quote today and see how we can come up Aces?

For more information about Can I Put My Insurance On Hold, visit our website.
Table of Contents Main Site
Social Platforms
Insights
Table of Contents


Comments

Post a Comment

Popular posts from this blog

Best Owner Builder Insurance Australia

All around Australia, many people use owner builder loans to acquire a house for their family. This is one of the popular options for Aussies especially those who are trying to save money. However, others choose this because they have enough time to do a construction project while others just do this because they have the skill for building and this is also what they do for a living. Whatever their reasons are, they all need insurance for this undertaking. Regardless of who will be doing the actual works, applicants must produce insurance first for the building along with other required documents for the local city council’s approval.     Some tips for a secure deal and quality service             Check for the best mortgage companies to work with Do a research about the different insurance companies in Australia Learn extensively about their products and terms. Ask them important questions. Select your company of choice, know ...
Post a Comment
Read more

Insuring Owner Builders

Adam Weaver  adam@allrisk.com.au 21-01-2018 What is owner builder insurance? Owner builder insurance is  construction insurance  - covering a non-professional-builder working on his/her own residential building job against damage during the build, and for public liability. Construction insurance refers to protecting the  works  (the "contract works") against damage - e.g. fire , storm, earthquake, vandalism, theft of building materials, and other perils. Public liability insurance refers to protecting the  builder  (the "owner builder") against claims of personal injury or property damage - e.g. a visitor on site being injured, or the neighbouring property being accidentally damaged by the build. Other types of owner builder insurance Include  existing structures , your own  tools ,  volunteers'  loss of income following injury on site, and  workers compensation . These are all optional, and you s...
Post a Comment
Read more

What Does Insurable Interest Mean?

Adam Weaver  adam@allrisk.com.au What is an insurable interest? A key term in insurance is "insurable interest" - it's a key requirement for you to be able to insure something.Yet this is one of the most misunderstood concepts, so let's look at what it means. Interest "Interest" means an asset or responsibility belonging to you (the policyholder). Something that affects you personally, and for which you're responsible. So your car, for example, or your home under construction. Or the building materials you've purchased and sitting on site . Think of these financially - if they were damaged, lost, or stolen, you would suffer a financial loss. You would have to pay to repair or replace the items. Intangibles can be interests too Another type of "interest" is more intangible - like legal liabilities or responsibilities. Like being sued for personal injury to a person or a worker in your care, or someone's...
Post a Comment
Read more