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Choosing the right insurance for a new shed build

Written by Central author | Jan 27, 2023 12:08:14 AM

Building a new shed is an exciting project, but it’s important to protect your investment from the outset. However, choosing the right building insurance for a new build can be overwhelming, with a variety of insurance companies and insurance types to choose from.

In this article, we’ll cover common risks to new builds, particularly spontaneous combustion. We’ll also discuss the types of building insurance to consider, and the best time to insure your shed. Keep in mind that this article is general in nature, and we recommend speaking with a qualified insurance broker for advice that suits your circumstances.

Common risks to new builds

New builds can be susceptible to a range of risks - the most common being fire. Fires are typically caused by faulty wiring, electrical overload, or spontaneous combustion of stored materials.

Here are some suggestions on how to prevent a fire in your shed:

  • Ensure your new build meets local and state government building, electrical, and fire requirements
  • Ensure your shed is well-ventilated, and check any agricultural goods are dry before storage
  • If appropriate, install smoke detectors, fire alarms, or fire extinguishers
  • Maintain or remove any nearby vegetation or combustible materials to prevent fires from spreading

Wind and storm damage are also common risks to new builds, particularly in areas prone to severe weather events. Storms can cause roof damage and collapse entire sheds - so ensure your shed is designed and built by qualified experts for added peace of mind.

Theft is also a common risk to newly built sheds. Even in safe neighbourhoods or rural communities, sheds are often attractive targets for those looking to steal goods or equipment. By installing a security system, and storing away valuable items in a secure location, you can reduce the risk of theft and having to make a claim.

Types of insurance for new builds

When it comes to choosing building insurance for your new build, there is a range of insurance types you can choose from. However, most insurance companies make it easy for customers.

For example, if you are building an agricultural shed on a rural property, you can typically apply for packaged ‘farm insurance’. This can cover:

  • Fire and other similar events
  • Property in transit
  • Burglary or theft
  • Liability
  • Personal accident and illness
  • Machinery and motor vehicles

The above are just some of the things typically covered by farm insurance. It is important to speak to your insurance provider about your policy and understand your coverage.

When choosing farm insurance, consider the value of your buildings and contents. With the rising costs of building materials, these can fluctuate over time. Ensure you review your policy often to avoid being out of pocket in case the unexpected happens.

Best time to insure your shed

When choosing an insurance start date, it’s best to have the policy in place as soon as your new build is delivered. This ensures coverage from day one and offers extra protection during the building stage if any materials are lost or stolen.

Another thing to note, with the recent skyrocketing inflation of up to 40%, ensure that the replacement value of your shed is up to date.

Getting started with building insurance

There are many things to consider when taking out building insurance for a new build. However, with the right planning and some common sense, it can be a simple process. The best thing to do is speak to a qualified insurance broker, who can give you the right advice and policy for your new shed.

Considering a new build for your property? With over 40 years in the industry, we have built a reputation for designing and building high-quality, long-lasting sheds. Explore what we can build for you.