What is self-build insurance?
A self-build insurance policy provides cover protection if you are building a new house, adding an extension or renovating an existing property in Ireland.
As the property owner you will be responsible for the project management of the site; so whether you undertake the work yourself or hire general contractors, you’ll need appropriate self-build insurance cover.
Choosing to build your own home is not without risk, so it’s not the type of decision that most people make lightly. A self build project can be a very costly endeavour, even when things go to plan; and when things don’t go to plan you might find you’ve bitten off more than you can chew. There’s a lot to be said about having peace of mind so you can concentrate on construction; that’s why it’s vital that you get proper advice and choose the best insurance policy before beginning work on the project.
Protecting you from potential financial losses and liabilities during the build process
FAQ's about self build insurance
What is building under the course of construction insurance?
“Course of construction” insurance is just another word for “self-build” insurance, as referred to by insurance companies and brokers. Course of construction insurance provides protection for newly constructed properties or for existing properties undergoing renovation or extension.
Do you need site insurance for self-build construction?
What specific coverage do I need for my self-build project?
You need course of construction insurance (also known as self-build insurance) while the property is being built. That covers you for Fire, Storm, Flood, Malicious Damage and Theft from Site (From a locked building). The additional cover available is public and employers liability.
How much will the insurance cost for the entire duration of the project?
Self-build insurance is likely to be in the range of €1100 to €1300 for a 12 month policy cover which can be extended to 18 months under the same policy. This is based on buildings sums insured up to €370,000, higher construction costs may cost more.
Do builders have their own insurance?
Not all do, No. Always insist on seeing proof of your builders’ insurance policy coverage.
It is recommended that builders, contractors, and tradesmen have specialized insurance for their business, but a surprising number of them do not.
By having insurance coverage, they can safely work on others’ homes and properties while also having protection against the costs of repairs in the event of unintentional damage to your property.
Does the policy cover any damage caused by builders working on my project?
Any damage caused by your builder, their employees or by contractors / sub-contractors is claimable from the contractor/sub-contractor’s insurance policy. This is why its important to check the tradespeople working on your site / property have appropriate insurance cover in place.
What is the claims process, and how long does it typically take to receive a payout?
Are there any exclusions or limitations in the policy that I should be aware of?
Ensure that anyone working on site has a safe pass course completed, even if it is a voluntary worker or member of your family. It is a condition of any building under a self-build insurance policy in Ireland.