RESIDENTIAL CONSTRUCTION
Residential Contract Works Insurance
Protect your home building projects from fire, storm, theft, and vandalism. Whether you're a residential builder or an owner-builder, get the right cover for your investment.
$100K+
Typical project values
$3K
Single project from
24h
Quote turnaround
WHAT IS IT?
Residential contract works insurance covers home construction projects - new builds, extensions, renovations - against physical damage during the build. It protects the structure and materials from fire, storm, theft, and vandalism until handover.
Based on our portfolio, residential projects we arrange cover for typically range from $100K granny flats to $1.6M custom builds. Whether you're an owner-builder doing a $140K extension or a licensed builder constructing a $580K home, the cover works the same way - protecting your investment from unexpected damage.
PROJECT TYPES
Residential Projects We Cover
From modest renovations to multi-million dollar custom homes, we arrange contract works cover for all types of residential construction.
New Home Builds
Custom homes, knockdown-rebuilds, and project homes from slab to handover.
$400K - $1.5M+ contract value
Extensions & Additions
Adding rooms, second storeys, granny flats, and garage conversions.
$150K - $500K contract value
Major Renovations
Kitchen/bathroom overhauls, structural changes, and whole-house renovations.
$80K - $400K contract value
Duplexes & Multi-Dwelling
Dual occupancy builds, townhouses, and small unit developments.
$600K - $2M+ contract value
What
A comprehensive residential contract works policy protects your project from common construction site risks.
Storm & Weather Damage
Heavy rain, wind, hail, and cyclone damage to exposed structures and materials. Common in QLD and NSW summer months.
Fire Damage
Accidental or arson fire damage to the construction work. Covers rebuild costs to return to pre-damage state.
Theft & Vandalism
Theft of building materials (copper wiring is a favourite target) and malicious damage by intruders.
Demolition & Cleanup
Costs to clear damaged materials so rebuilding can commence after an insured event.
Existing Structures Cover
Critical for renovations. Protects the original house during construction work. Most generic policies exclude this - we ensure it's included.
Principal's Property
Covers damage to the homeowner's existing belongings or property caused during construction works.
Renovation projects have unique risks. We check your scope of works to ensure you're not left with gaps in cover.
WHO NEEDS IT
Who Needs Residential Contract Works Cover?
If you're building, renovating, or developing residential property - you likely need contract works insurance.
Residential Builders
Licensed builders doing new homes, extensions, and renovations. Some insurers require minimum 4 years experience - newer builders may find limited options. Whether you do 2 or 20 projects per year, you need contract works cover for every build.
Owner-Builders
Managing your own build? Councils and lenders typically require contract works insurance before construction begins. Note: larger owner-builder projects (over $1M) often face limited insurer appetite, and some insurers decline if you're engaging a builder rather than managing trades directly.
Homeowners (During Renos)
Your home insurance usually excludes construction work (CGU caps renovations at $100K). If your builder's policy doesn't cover you adequately, consider arranging your own cover - especially for large projects.
Property Developers
Building spec homes or small developments? Annual policies covering multiple residential projects are more cost-effective than insuring each one separately. Most insurers require minimum turnover of $200K or more.
FROM OUR PORTFOLIO
Real Premium Examples
Actual premiums from recent placements, not estimates.
Granny Flat
Single project cover for a smaller residential build
Project Value
$140K
Premium
~$3,200
Log Home Build
Non-standard construction confirmed acceptable
Project Value
$580K
Premium
$3,400–$4,100
Single → Annual
Renovations, extensions, and new builds
Single Project
$877
Annual
$1,713/yr
High-Volume Builder
Multiple residential projects annually
Annual Revenue
$5M
Premium
$27,000/yr
Single Project Range
$3,000 – $10,700 ($100K–$1.6M value)
Annual Policy Range
$3,400 – $8,500 ($100K–$1M turnover)
POLICY OPTIONS
Single Project vs Annual Policy
Choose the policy structure that matches your workload and business model.
One Build, One Policy
Cover for a specific project with a set duration and value.
Best For
- → Owner-builders doing one project
- → Builders doing 1-2 projects per year
- → Homeowners managing their own reno
All Projects, One Policy
Covers all projects in a 12-month period based on turnover.
Best For
- → Builders doing 2+ projects per year
- → Growing businesses (better value as you scale)
- → Property developers with multiple builds
Real example: A VIC residential builder started with a $877 single project policy, then upgraded to a $1,713 annual policy when their workload increased. The annual became better value once they were doing multiple projects per year. Not sure which is right for you? A quick call with our team can help determine the best option for your situation.
RESIDENTIAL FAQS
Common Questions About Residential Contract Works
REVIEWED BY
Marel Pencev
Managing Director
Last updated: January 2026 (E-E-A-T verified)
Experience
5+ Years
Insurance Broking
Title
Senior Broker
Construction & Commercial
Role
Managing Director
Tank Insurance
Network
Steadfast Group
Australian Owned
Protect Your Residential Project
Whether you're building your dream home or managing multiple residential projects, we'll find the right contract works cover for your situation.