What is self-build insurance?
Self build insurance policies provide financial protection for 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 self-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
Yes, obtaining insurance coverage for a self build is highly recommended as it protects your investment, covers potential risks during the construction process, and provides liability coverage in case of accidents or damage.
No, not all builders have their own insurance. 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.
“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.
Site insurance for self-build construction is not always legally required. However it can provide valuable protection against potential risks and liability during the construction process.
As a self-builder, you are responsible for ensuring health and safety on your building site, and it is important to have procedures in place to prove compliance to the relevant safety authorities.
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.
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.
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.
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.