Site insurance AND home insurance?

D

dos29

Guest
Looking for a little knowledge from self builders.
If getting site insurance, do you still need home and contents insurance for a mortgage?
 
You need site, employer's and public liability insurance for the construction phase.

You do not require contents insurance for a mortgage.

You need to insure for rebuilding and rubble clearance costs for your mortgage insurance. Download the SCS Guide to House Rebuilding Insurance 2010 from here : http://www.scs.ie/home
 
Gotcha. I got a quote from Frost Insurance for 1050ish which seems very reasonable and seems to cover just about everything.
I was unsure because of what AIB was saying- "Need to have home and contents insurance in place before getting the mortgage." Even though the mortgage rep knows we are doing self build? It didn't twig with me then, but I must clarify the next time.
Thanks for the help.
 
SSE, you're wrong. A contractor all risks policy only covers the buildings being worked on. A selfbuild policy should do trick if you are using direct labour.
 
Sorry if I've got the terminology wrong but I thought the CAR policy covers plant hire etc. too. You're right though, a selfbuild policy is a better term to use.

SSE
 
dos29 said:
Gotcha. I got a quote from Frost Insurance for 1050ish which seems very reasonable and seems to cover just about everything.
I was unsure because of what AIB was saying- "Need to have home and contents insurance in place before getting the mortgage." Even though the mortgage rep knows we are doing self build? It didn't twig with me then, but I must clarify the next time.
Thanks for the help.
Click to expand...

Some of the companies let you convert the selfbuild policy to buildings insurance if you finish before the end of the policy. Might be worth checking with them?

SSE
 
sse said:
Some of the companies let you convert the selfbuild policy to buildings insurance if you finish before the end of the policy. Might be worth checking with them?

SSE
Click to expand...

I'll definately check that out. Thanks for the heads up.
 
dos29 said:
Gotcha. I got a quote from Frost Insurance for 1050ish which seems very reasonable and seems to cover just about everything.
I was unsure because of what AIB was saying- "Need to have home and contents insurance in place before getting the mortgage." Even though the mortgage rep knows we are doing self build? It didn't twig with me then, but I must clarify the next time.
Thanks for the help.
Click to expand...

Frost were 1500 for two years cover on my 3000 square foot build. It was the best quote I got.
 
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