Do You Have Self Build Insurance

Self builds are becoming very popular. Self builds accounted for around 13% of all new crash pads built each year and therefore self build insurance has become commonplace.

 

This of course is exciting and had led to many turning to property development. It is a very specialist marketplace as no one builds houses the same and there are always many different materials, contractors and variables which need to be thought about.

 

Building a home for yourself or to sell on can be a very stressful time, as well as potentially being financially debilitating should not go to plan. Ensuring you enough insurance is vitally important in protecting yourself and one of the largest investments you will probably make in your life. Of course with insurance you also have peace of mind that if anything were to go wrong during the build you have your insurance to fall back onto.

 

Self build insurance or self build site cover is the solution to many builder’s problems. It allows the policy holder to have cover from day one of the build, from an empty site to the finished article. This security helps the build proceed much smoother as there are no cost cutting measures or shying away from making decisions which might seem risky. Insurance for self builds is usually tailored to your specific needs as everyones needs are different.

 

Normally this type of insurance typically provides cover the project for:

 

• Building works
• Temporary works and materials
• Conversions
• Hired and owned plant, tools and equipment
• Employers liability
• Public and personal liability

 

Occasionally, insurers will cover the project for Contaminated Land Indemnity, Restrictive Covenants and Defective Title. Therefore, whichever policy you choose and whichever company you choose make sure to read the policy coverage fully as some of the items mentioned above may be missing or incur an additional cost. For piece of mind, being over insured is far more worthwhile than scrimping on a policy to find out you aren’t covered should a problem arise. This will typically ensure you are fully prepared and financially protected for whatever fate has in store for you.

 

When looking around on the internet it is important to compare cost and small print as these differ between providers. This is due to the many differences which can affect the policy and the variables which could possibly account for a claim. From contractors to plant hire, you need to make sure everything which goes into a self build is insured.