Self-build insurance: everything you need to know
What exactly is self-build insurance, and do you need it? It might seem like just another expense to add to the list but if you’re planning on building or renovating your own home and you’re using direct labour or individually hired sub-contractors, you really can’t afford not to have self-build insurance.
What does it cover?
Standard cover includes property damage, employer’s liability, public liability and legal protection.
Why do I need it?
If your property gets damaged while it’s under construction it could throw the whole project off track. Of course any delays in construction can be a terrible nuisance, especially when you’re building for yourself and your own family, but the biggest challenges will likely be financial. The unexpected cost of having to repair damages, say from a storm or an accident, could put you over budget and completely derail your plans. Self-build insurance provides cover in the event of such a mishap.
It’s also important that you protect yourself from personal injury claims. If someone, be it a worker or a member of the public, is injured in an accident on your site, it could be incredibly costly to settle the case. Self-build insurance gives you the peace of mind of knowing you’re covered, leaving you free to concentrate on building your dream home.
Anything else?
Your policy will have a flexible period of cover with an Employer’s Liability Insurance Indemnity Limit of €13,000,000, and a Public/Products Liability Insurance Indemnity Limit of €2,600,000. Also included is Contractors All Risks which covers you in the event of storms, fires and damages etc. If desired you can also cover any plant and equipment on the premises.
Self-build insurance really needs to be considered if you’re building or renovating your own home. At GMIB.ie we’re committed to getting you the very best deal on the market. Contact us today to find out more!
All the best,
The Team at GMIB.ie
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