When embarking on a self build, renovation or extension project, it’s important to have the right insurance coverage in place. Many mistakenly believe a builder’s insurance or standard building insurance will be sufficient to protect their project.
However, the truth is that neither may provide adequate coverage for your specific needs, especially if works will be carried out during the winter months.
Here, the experts at self build and renovation insurance specialist Self-Build Zone explain what you need to know.
Why do you need specialist insurance?
Relying solely on a builder’s insurance can be risky. Your builder may claim to be fully insured, but their coverage typically only extends to public liability insurance. This protects them if they cause damage or injury to a third party due to negligence. Unfortunately, it does not cover issues like storm damage, theft of materials or equipment, arson, foreseen liability or problems with workmanship or structural issues that may arise after the job is finished.
Similarly, standard home insurance policies often have exclusions when it comes to structural alterations or works exceeding a certain value (usually over £25,000). In the UK, lenders often require a Structural Warranty to safeguard against underlying structural defects that may emerge after building work completion.
What kind of insurance do you need?
Firstly, it’s essential to ensure that the insurance you choose is backed by A-rated insurers such as Self-Build Zone for reliability and peace of mind. Your policy should cover your entire property during the construction phase of your project as well as after the work is completed. It should also provide comprehensive coverage for all new works and materials.
What does site insurance cover?
Look for a package that includes protection for tools and equipment left on site and employers' and public liability insurance. This will ensure that anyone working on site is covered in the event of injuries or damage caused to a third party or their property.
The right insurance policy will also cover the cost of defending or pursuing a claim if any worker or family member is injured while on site during the construction stage.
It’s essential to arrange site insurance at least 30 days before work commences to ensure coverage throughout the build duration.
Will I be covered against bad weather?
Site insurance typically covers a range of risks and liabilities during the construction phase, including bad weather conditions. This coverage protects your property and any ongoing construction work from damage caused by adverse weather events such as storms, high winds or heavy rain.
Reviewing your site insurance policy’s specific terms and conditions is essential to make sure you understand the extent of coverage provided for bad weather situations such as these.
By obtaining specialist insurance tailored to your self build, renovation or extension project, you can have peace of mind knowing you are adequately protected against potential risks and liabilities. So don’t overlook the importance of proper insurance coverage and ensure that you choose a policy that meets your specific needs.
Self-Build Zone can arrange the best insurance cover for your project; you can obtain a free quotation request by visiting their website.
