Building or renovating your home can be an exciting prospect. It also requires a lot of planning and allocation of a budget. In the UK, before embarking on a construction project, it is important to set aside some amount for self-build insurance to ensure that any unforeseen accidents or events do not lead to unnecessary delays and additional expenses. This is a specialist home insurance that protects your home during the building stage.
Self-build Land Liability
Self-build or site insurance guards against physical damage, loss, or any liability the developer is likely to face before and during construction. Experienced brokers can offer cover if you have purchased a plot and are planning to wait to build on it. Self-build land liability offers you cover for the land from the time you own the plot till immediately before you start any development. Though claims on undeveloped plots are rare, you will still be held liable if someone, including trespassers, suffers an injury on your land.
Self-build insurance is the right insurance to be taken, even if you are employing a contractor to build for you. It generally includes standard cover as follows.
· Employer’s Liability insurance (limit of 10 million pounds)
· Public Liability insurance (limit of 5 million pounds)
· Contract works insurance
· Plant and tools insurance for the proposer of the project and employees.
· Optional insurance for temporary structures on the site can also be included.
A homeowner who is not a developer and is going to rent the completed project will also be eligible for this insurance.
If the project is not complete within the term of the policy, arrangements can be made to extend the insurance policy.
If you have taken a mortgage on the property, the insurance broker can inform the mortgage company about your policy details, and you can then provide proof of your cover to them.
Renovations and Extensions
Insurance is also offered for renovations on any type of structure besides houses, including churches, barns, etc. This is called conversion insurance or renovation insurance. A standard insurance package product can be offered for all types of renovations, which include Employer liability insurance, public liability insurance, cover for your existing structure, contract works insurance, insurance for plants and tools, and temporary site huts on the premises. Cover for an existing structure that is undergoing renovation is restricted to fire, lightning, tree falling, and earthquake-mainly natural disasters. Extension insurance is also available to include an existing structure, any new construction (e.g., cover for adding a loft to your house), and public and employer liability.
It is important to take site insurance even if the contractor you have employed already has insurance coverage. There may be many grey areas where the contractor’s insurance may not cover some of the materials that you purchase yourself, or their insurance is only valid when they are working on the site. Depending on the contractor’s insurance could leave you vulnerable and without proper cover.
Finally, it is important to choose a reputed insurance broker who will ensure your claims are settled quickly.
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