Self Build House Insurance

Insurance is very important during the self build project. You will have to protect you property against damage and theft, but more importantly you will have to protect your workers and the public against personal injury.
Look for overall build house insurance self package. You should do some research to get a competitive quote after talking to a number of insurers to get a rough idea.

Build house insurance self policy is not usually designed to replace a household insurance and as soon as the property is habitable with your possessions in place, correctly constructed insurance cover is required to ensure you are adequately protected.

Self-build projects are often completed whilst in partial or full occupation and that “habitable” may be subjective. If you are in any doubt as to your own position, speak to your insurer to discuss your requirements. You will need to insure the project for its Professional Reinstatement Cost (i.e.: the cost to rebuild the property at completion with allowance for site clearance and professional fees).

Basically if a serious loss occurs 2 weeks prior to completion, you will probably not have the time or inclination to self-build it again. This way you will have enough funds to contract a professional to reinstate it. If there is a mortgage involved, the lender will stipulate the amount of cover required.

Rather than providing basic build house insurance self - should you complete early - you should prefer the most comprehensive site insurance package at the lowest possible premium. However, you should do some study before completing the formalities for a tailored policy. If the property is habitable and you take up residence, despite further work being undertaken, cover will no longer be afforded under your Self-Builder policy.

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