- Nicky Frost
A Complete Guide to Insurance for Self Builds and Renovations:
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.
Check out our video: Guide to Self Build Insurance
What Should a Self Build Policy Cover?
A self build site insurance policy must contain the following:
Contractors All Risk: This element of the insurance policy provides cover for general mishaps such as fire, theft, vandalism, flood and storm damage
Employers’ Liability: Anybody working on your site is deemed to be an ‘employee’ for insurance purposes and, as such, as the main contractor you are liable for their welfare and for any injury, loss or death while they are working for you
Public Liability: Damage, injury or loss that is suffered by third parties or members of the public is covered by this section. Those who own land which they intend to eventually develop would be well-advised to have a policy limited to public liability in place. Most of the self build insurance specialists will be able to arrange this, with it converting to a full site insurance policy upon commencement of work. The public liability section of a self build site insurance policy would also cover for damage to the property or injury to persons outside the site, if directly caused by the activities of the site
Legal Expenses Insurance: Any legal expenses within the policy will normally be included by the dedicated self build insurance providers but, in other cases, can be bolted on as additional cover for action taken against the self builder by others or for the need to take action against third parties