Whether you’re building a new home or renovating a property, it’s a well-known fact that these projects can be hard work. They take planning, resources, time, money and commitment. Self-build projects often overrun. This can result in problems and accidents happening. One of the first things to do is to get your insurance sorted.
Titan Insurance are experts in this area. We have put together 10 top tips to help you understand self-build insurance:
1. You need more than just house insurance
Don’t make the mistake of thinking that your house insurance already covers your building project. These projects won’t be insured under your regular Home Insurance policy. Avoid future issues by taking out the right insurance from the beginning.
2. Don’t assume your builder’s insurance is enough
Your builder should have public liability insurance, but don’t assume that this is enough to cover all possibilities. You are responsible for the whole project so ensure that, should the worst happen, you’ve got all the cover you need.
3. Make sure you’re insured from the start
You might think this is when you start building work, but it starts even earlier. For a self-build project, you’ll need insurance right from when you exchange contracts. You’ll be liable for anything that can happen as soon as you own the land. Be prepared and have your insurance in place.
4. Look after your work-in-progress
Building is a big project, so remember to look after it from beginning to end. While it’s a work-in-progress, you’ll need Site Insurance coverage. This covers the building site from accidents and forces of nature such as fire, lightning, explosions, earthquake, storm and floods. It includes cover for the plant, tools, equipment, huts and caravans from theft or malicious damage. Site insurance covers your works in progress right up until the project is finished.
5. Plan for the very worst
Even if you can’t imagine anything significant going wrong, it’s impossible to guess the future. Plan for the worst and feel secure knowing you’re covered. What would you do if your house burned down just days before you were due to move back in? How would you pay to rebuild it without insurance?
To get this part right, you need to have the correct Reinstatement Cost – this is the full cost of how much rebuilding would be (materials, labour, removal of debris, professional fees and VAT) should you experience a total loss. Work out the right value at the start, even ask a surveyor if you need to, so you don’t find yourself out of pocket if the worst happens.
6. Cover yourself for accidents
Even if you don’t expect it, accidents can happen. Make sure you are covered in case your building project causes injury to a member of the public or somehow causes damage to another property. For this, you’ll need Public Liability Insurance.
7. Remember your position as the ‘boss’
You’ll likely have employees, sub-contractors or maybe family and friends working on the project. In the eyes of insurance, you’re the boss and thus need Employers Liability coverage. This is to cover anybody who is injured or has an accident on-site.
8. Give yourself long-term peace of mind
It’s a fantastic feeling when a self-build project is done. Don’t forget to give yourself peace of mind once things are finished with a 10 Year Structural Warranty. This will protect you in case there are any structural defects from materials & workmanship. If you’re building a property specifically to sell it, UK mortgage lenders will ask you to have a 10 Year Structural Warranty in place.
9. Be kind to your neighbours
You’re probably a caring neighbour and think of the noise and mess of building. There’s a little more to think about when it comes to insurance. If you are renovating or building, you’ll want to think about taking out Party Wall Insurance (JCT 21.2.1 Non-Negligence Insurance). You’re responsible for any damage to your neighbour’s property as a result of your project – not just immediate damage, but future damage that can be caused by your project. This kind of damage can happen when building new foundations and there could be a structural impact on your neighbour’s property. You’ll want to be protected.
10. Speak to an expert
Yes, it’s true, you can find lots of information online about self-build insurance. But when you’re putting significant amounts of time and money into your project, it’s worth spending a little time talking to an expert to make sure you have your insurance cover just right. A few minutes extra before you start can make all the difference if misfortune strikes while you’re building.
At Titan Insurance, we have a team of insurance experts who can guide you through the process. You’ll have all the protection you need in place, leaving you to focus on the build itself, worry-free.
Call us on 0207 731 3700 to get a quote for your self-build insurance. You’ll get a fast quote, quick coverage and long-term peace of mind. Remember to seek advice in case of any doubt.
Titan Insurance Services Limited has been delivering specialist insurance for over 30 years. We are proud to use our knowledge, expertise and industry relationships to provide you with the best policies to meet your needs. There’s no need to worry about online applications – we give unbeatable service over the phone, quick quotes and fast cover.