Self Build Insurance

These days, many of us have the self building bug. Being able to build our own home to our exact specifications is the ultimate dream, but if you’re lucky enough to be able to undertake such a project it’s important to be prepared. Self building comes with inherent financial risks, so if you don’t want to potentially lose money then self build insurance is important.

Self build insurance is desireable for anyone who wants to self build. It protects your interests during the construction process and usually for many years thereafter, so if the worst were to happen you’d be completely covered.

There are normally two parts to self build insurance, and it’s important that you consider both to make sure that you’re fully prepared. There’s site and/or renovation insurance for the construction stage, which usually includes, at the very least, cover against fire, theft and vandalism, with the building as a whole and any tools/machinery used typically being included.

This type of insurance usually includes employers and public liability cover as well. Building site insurance is a legal requirement as you need to protect your interests if you’re hiring contractors.

Then there’s structural warranty insurance. This is completely different from the previous type and again isn’t a legal requirement, but it certainly makes sense to have it there. Structural warranty cover protects your new home against any structural defects once the build is complete, and it’s an essential consideration to make sure you don’t lose out financially should the worse happen.

The specifics of all self build insurance policies are sure to vary depending on the company you go to, but always make sure that you’re getting the best that you can. You need to be completely prepared so you need to make sure, for example, that the existing structure is covered in the site insurance policy (if it’s a renovation), you need to make sure that your public/employers liability cover to a suitable level and you may want to ensure that your structural warranty protects you for several years.

So, self build insurance is an essential consideration for anyone embarking on a self build project. Although not all aspects are a legal requirement it’s certainly advisable to make sure that you’re fully covered, as the financial implications can be severe if anything were to go wrong. It’s never nice to think about but it always pays to be prepared, so make sure you do your research and always read the small print to get the best self build insurance policy that you can.

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