Bad weather, red tape and unexpected problems can all affect your schedule, as well as the safety and security of your site or your build at any point. And, once you’ve had your home built, you’ll need to take out appropriate insurance to make sure you’ve covered for any issues that might crop up during those first few years while you’re getting used to living there, and which could otherwise cost you money.
Insurance for stages
Insurance for a self-build project can be split into three basic types. Insurance for the land you plan to build on, insurance for the build process, and insurance for the finished build.
Some brokers also have specific insurance for self-build projects that are due to be sold or let commercially.
Insuring the site
Before your build starts, insurance specifically for the land will mean you’ve covered right up until construction starts on the project. This means you’ve got peace of mind no matter who sets foot on your land, including surveyors, contractors clearing the site, any demolition that needs to be done, and any period of time spent waiting before you can make a start.
As soon as you hit the stage where construction begins, this particular insurance is no longer required.
Insuring the build
Once construction has started, you’ll need specific insurance to cover this process. This includes public liability and contractor insurance, as well as the safety net you need in case anything goes wrong during the build and you find yourself inconvenienced financially.
Building your own house can be stressful, but with the right insurance you know you’re covered in case of any difficulties.
Insuring the finished build
There can be issues even after the build has finished, and faulty workmanship or overlooked details can lead to expensive problems with your self-build home.
With insurance to cover your first few years in your home, you’ll be covered in case anything crops up that could cost you money to fix.
Insuring for commercial let or sale
This kind of insurance is exactly what it sounds like – the kind you need if you’re building a property to sell or let it commercially after it’s been completed.
Generally speaking, this is a more comprehensive form of insurance, which covers more than the insurance on a self-build project for your own habitation.
Insuring a renovation
There is another type of insurance available for related renovation projects, which could include extensions to an existing property.
It’s a good idea to get this kind of cover if you’re planning any sort of renovation, because there are just as many things that could go wrong with this kind of project as with a new build, so it’s much better to be safe than sorry.