If you’re building your own home or you’re starting a renovation, conversion or extension project then you need dedicated self-build insurance. Building your own home can be extremely rewarding but it also comes with risk – you’re investing a lot of time, effort and money into your project so you need to make sure you and your home are fully protected.
There are a couple of things to consider before you start looking for the best cover:
• Are you building your home to live in yourself? If so, then look for a tailored self-build policy that offers site cover, public, third party and employers' liability and income protection
• Are you building the property to sell? Look for trade insurance, which will cover you for contract works, cover for plant and material damage.
Site Insurance
This can cover you for loss incurred by theft, fire, flood and vandalism and generally includes tools, plant and machinery along with any temporary constructions on site during the building works. Most importantly, it could help cover the cost of reconstructing the property if things didn't quite go to plan.
Public Liability Cover
This is vital and protects you should a member of the public be injured whilst on site. Most policies offer up to £5 million in legal and compensation costs. Of course you should be vigilant and ensure access is restricted but even trespassers can claim against you if they’re injured, regardless of the fact they shouldn’t be there.
Employer's Liability Cover
Ticks the box for your 'duty of care' responsibilities and guards you from claims made against you should anyone that you have employed to work on the site be injured.
Other Considerations
• Think about your responsibility to the landscape surrounding your development. Digging the foundations on your plot could cause subsidence elsewhere for example – do you have sufficient funds to rectify any non-negligent damage?
• If you’ve borrowed money to fund your project then you’ll need to pay it back. How would you cover this liability if you’re unable to work through illness or injury? This cover can offer peace of mind should the worst happen.
• You may have been granted planning permission for your project but could you be challenged later on for breach of restrictive covenant? Don’t get caught out with expensive legal costs.
Read our home insurance articles and guides for more great topics or get a home insurance quote.
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