How do we insure our self-build during the construction phase?
Insuring your self-build during the construction phase
Did you know that any works undertaken as part of an extension or renovation project might not be covered by your existing home insurance policy? Whatever your project, make sure you don’t ignore the need for specialist self build, renovation or extension insurance.
Your home is quite likely to be the single biggest investment in your life and to risk it could leave you in a desperate situation, especially if you consider that just one mishap could leave your project in dire circumstances.
Below, we explain what self build insurance is, why and when you need it and what your policy should cover.
There’s no guarantee that your builder/main contractor will have insurance — you’d be surprised at just how many builders and tradespeople don’t carry any/or adequate insurance for the work they do, especially if they work ‘cash-in-hand’.
Those carrying out a project by using a builder with a single contract may feel that, as the builder has their own insurance policy, there is no need to go to the expense of a policy in their own name. They might be right, but they should check the details of the builder’s policy to firstly make sure that it’s current and secondly, that it is sufficient to cover for any eventuality.
Even if the builder’s policy is technically sufficient, the whole business of self building is to get what you want and to be interested and involved in the process, and the chances are that at some point you will opt to buy your own materials such as kitchen units, sanitary-ware or even plumbing equipment. But if any of those items get stolen or damaged, because the builder didn’t buy them and never had title to them, they will not be able to claim for them. So it really does make sense to have your own insurance policy.