FINANCE SERVICES
SELF-BUILD HOMES : PROTECTING THE PROJECT FROM DAY ONE
SELF-BUILD INSURANCE TIPS :
• Use a dedicated self-build insurance expert to ensure you ’ re not given contractor ’ s insurance by mistake . Self-build insurance is specifically designed around the process , contractor ’ s insurance is not and may leave you unprotected in the event of an incident .
• Self-build build insurance covers the construction phase only , so purchase a standard home insurance policy with a separate home insurance provider once the project is completed .
• A self-build warranty will provide a structural warranty of an architect ' s certificate that covers any structural issues that occur in the years following completion .
• Self-build policies do not cover personal possessions and furniture , so it ’ s important to avoid storing any furnishings in the home until the project is completed and separate home insurance is arranged .
Building sites are risky places . A self-build insurance policy covers the owner , their builders , and the entire building site during construction .
Accidents , theft and unforeseen events can add significant costs to the project . Despite this , it ’ s surprising how many people do not have self-build insurance in place from the beginning of a project , especially given that a new home is likely to be one of their largest investments . Organising this insurance late in the self-build process financially exposes the entire project if something goes wrong . Lenders may also require proof of self-build insurance before they release funds . So , what does self-build insurance typically cover ?
• No one wants to think about the possibility of death or an incapacity illness delaying the completion of a selfbuild home , but it ’ s sensible to separately arrange life and personal injury cover for owners ( and potentially their beneficiaries to protect against this risk ).
To get a quote , call us on 0800 230 0225 or visit www . selfbuild . uk . com /
Contractors All Risk : Covers things such as fire , theft , vandalism , flood , and storm damage
Employers ’ Liability : Anybody working on site is an ‘ employee ’, and the self-builder is the main contractor , which means they are liable for their welfare and any injury , loss , or death while working on the project .
Public Liability : Protects against damage , injury or loss suffered by third parties or members of the public . Public liability also covers damage to the property or injury to individuals outside the site if directly caused by the activities on site .
Legal Expenses Insurance : Legal expenses for action taken against the self-builder by others or for the need to act against third parties .
Contract Works : This covers the potential cost of repairing or replacing any part of the build that is damaged .
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