Protect Your Self-Build Project with Comprehensive On-Site Insurance Products
Building your own home can be a highly rewarding decision even if it involves a lot of time, effort and money. However, it is fraught with risks and it doesn’t take much to throw you off course. It is prudent and essential to arrange for appropriate self-build insurance to protect your investment and interests.
Comprehensive On-Site Insurance
There are a wide range of risks that could potentially affect your self-build project. The site or construction can be damaged and valuable tools or employees’ personal tools can be stolen. Site owners also have legal responsibilities to members of the public, employees and contract workers in case of any mishap or injury. Typically, site insurance provides cover for all these and more. Employer’s liability insurance is usually capped at £10,000,000, and public liability insurance at £5,000,000. Site insurance also covers contractor’s plants and tools, employee tools and personal effects, any temporary buildings on site such as caravans and site huts with additional cover for contents.
Renovations and Conversions
Building a new home on your own is rife with exciting possibilities — you have complete control over the design and location. Specialist self-build insurance providers have products for those who want to convert or renovate existing properties. There’s no doubt that renovating is a great way to improve on an already existing home and bring it up to date with a modern lifestyle. However, there is a possibility that new work could damage the existing structure. For complete peace of mind, it is best to acquire a specially designed house renovation insurance plan from a reputed insurance provider. Apart from covering houses, insurance providers have products that cover renovation of barns, churches, windmills and water towers.
For Home Extension Projects
One way to add value and enhance the beauty of a house is by undertaking a home extension project. While it does add to the available floor space, it also includes risks to employees, tools, existing property and builder. A self-build home extension insurance plan is much better than a Household and Unoccupied Property insurance scheme to cover attending risks. Some insurance companies offer an additional limited period of cover at extra charges in case you are unable to fulfil the project in the stipulated time frame.
Structural Warranty for Repairs and Defects
Apart from renovation insurance, self-build insurance companies also offer specially designed structural warranties that provide insurance cover for damages caused by construction defects in your property. A structural warranty covers the cost of correcting defects and damages to the building. This product not only gives you peace of mind but also adds to the saleability of your asset. Many lenders insist on a structural warranty before sanctioning mortgage for self-build projects. It’s best to have this type of warranty in place before construction starts. The more you delay, the more it becomes expensive. It’s possible to acquire it during the building process and even after completion, but at premium charges.
Having a self-build site insurance plan is vital for an individual home builder or renovator. Choosing the right insurance provider backed by a trusted name will keep you stress free so you can concentrate on building your dream home.
