Self Build Insurance
Top Tips for Self Build Insurance
Always obtain insurance quotations in writing. Cover levels vary significantly and the cheapest may exclude some of the most frequent incidents that occur on site.
Check if a policy can be tailored to the period of time you estimate to build your home and
get agreement, in advance, on the cost if you need to extend cover.
Resist any policy that gives discounts in return for you declaring that some contractors on site have their own insurance. If an incident occurs and the subcontractor’s insurance is invalid, you may have to bear the loss from your own funds.
Ask for assurances on how quickly a policy can be issued. Mortgage providers will insist on seeing a ‘Letter of Indemnity’ or ‘Notice of Interest’ from your insurance Company to release funds for your build. Time is money, your money.
Insurance is never a substitute for having strict Health & Safety practices on site. While it will relieve the financial burden of accidents, it cannot undo delays, stress and suffering that is caused by an accident on site. Remember, this will be your home for some time to come and any incident which might affect your neighbours or local tradesmen is best avoided.
Remember, regardless of the period of insurance stated on the policy, it usually contains conditions to the effect that cover will end when you reach practical completion. These are construction policies and not designed to include your domestic belongings. Arrange a household comprehensive policy in plenty of time before you are due to move in.
Make sure the sum insured on the policy at least matches the requirement from your Mortgage Provider. Some insurers impose restricted limits which will not be accepted.
Being a ‘private’ builder does not absolve you from your obligations under Health & Safety legislation
and information can be found on www.hsa.ie
. You are as likely to receive a visit from a Health & Safety inspector as any Building Contractor.
Are you building your own home?
Make sure you are properly insured. Give Self Build Direct a call. We are the leaders in self build insurance with a dedicated and professional team of experts. Reduce your insurance costs and get the right cover.