Estate Living Magazine Design for living - Issue 42 June 2019 | Page 36

I N V E S T
&
D E V E L O P
INSURANCE
WHILE YOU BUILD – PROTECTING YOUR
ASSETS AND COVERING THIRD-PARTY
LIABILITIES
Building a new home, or having your existing one renovated, can be one of the
most rewarding experiences. But, for most people, the thought of investing in a
fixer-upper or a new build is more than a little overwhelming. The good news is
that, with a little help and a lot of planning, it’s definitely possible to create the
house of your dreams.
Most reputable contractors have a Contractor’s All Risks Policy in
place, but you must ensure that the policy limits (sum insured, policy
extensions, third-party liability, surrounding property and policy period)
are adequate for the construction to be completed. It’s best to consult a
broker, who would be equipped to advise you on this.
It is also possible for you to take out an insurance policy, which will let
you sleep easy knowing that the policy is in place and has been tailored
to the project’s specific requirements.
If this is the case, then remember to advise the insurers if the value, or
the construction period, changes because the policy is only valid for the
sum insured and the contract period on the policy schedule.
Some things you should do to ensure that your building project goes
smoothly: