Let’s start off with a quick definition of what Self Build Insurance is. Principally, if you’re building a new house from the ground up or even adding to it, such as an Extension, you would need to take out ‘Self Build Insurance’.
Renovations can also be included under Self Build.
And because it is a big undertaking that you’re doing yourself, it is important you are fully covered as there are many traps you could fall into when you build your own.
A standard house or property insurance policy does not cover you fully nor does a Contractor’s All Risks policy.
Here’s some of the stuff you would need Self Build Insurance to cover:
- Site Insurance (or Contract Works) covers the risks associated with the building process from the ground up till project is finalised
- Equipment & Plant covers machinery, equipment and tools (whether your own or hired in) for fire and theft
- Public Liability covers you for injury or damage to third parties (eg., kids who may wonder on your site and injure themselves)
- Employers Liability covers you for any injury to people you ‘employ’ whether directly or indirectly including subcontractors
Warranty Insurance can cover you for any faulty design or workmanship which may arise to a future buyer once you’ve sold on your property.
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More about Self-Build Insurance
Self-Build insurance is cover that is put in place when you’re building a new house, extending or converting a current dwelling in order to protect you against any damage or losses. As you are completing the works yourself, or, managing the project with your own appointed contractors, it is of paramount importance you have the correct cover in place to protect yourself including any liabilities to third parties that may arise.
There are four main parts to Self-Build Insurance. Firstly, Site Insurance provides cover for the building works (that have been completed so far) including building materials and the cost to rectify the damage caused. This is extremely important as all it takes is one event to undo a year’s worth of work. Secondly, you require cover for your Own or Hired Machinery, Equipment and Tools on site that are being used to assist with the build. This protects your site against Theft which happens quite regularly. Thirdly, Public Liability Insurance covers you for any damage you may cause to third party property or personal injuries to members of the public on your site. Lastly, Employers Liability, covers you for any injury to people which you employ to work on site on your behalf as a result of your negligence. This includes both contractors and subcontractors.
If you’re using bona fide subcontractors, you must ensure that they carry a minimum of £2 million Public Liability insurance or equal to that which your Self Build insurance currently has. If they’re labour only subcontractors, they become your responsibility on site so you’re therefore required to have Employers Liability.
Yes! Carrying out renovations or extensions to your home definitely requires Self Build insurance. Most domestic home insurance policies do not generally extend to cover you during these periods as this is regarded as much higher risk to insurers than a property with no work being done.
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