self build insurance

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kildarebuild

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Hi -

Going to start building a house using various expert labourers in their field. Been told that we should get insurance for the build in case someone has an accident. Ive been quoted 3000 euro for it by various companies. :eek: Size of house is 3000 sq feet. And it is for 2 years.

I was just wondering do self builders get insurance to do this? Or just make sure that the builders are insured themselves? So that way saving the expense of having to get it.

Any help at all is much appreciated.

Worried kildarebuild.
 
We started a self build back in May and we used a contractor to a certain stage and then we were in charge to the finish, not quite there yet, but getting there.
Whilst the gable walls were being built, on a windy day a gable wall was blown down, fortunately nobody was injured, but were we glad that we took out self build insurance. It is peace of mind, and the next stage was the erection of the roof ! This policy has to be taken out at start of build, it cannot be taken out during the build. Think about ityou take out cover, house when its finished, yet chance of accident during build are far greater. why take a chance?
 
I know what you mean. Peace of mind. In my case its saving money! The question i wondering was did anyone not buy insurance for the self build. And make sure that any builder who enters your site is insured. This way if the builder gets injured or something bad happens the builders insurance will be used to pay for it?
 
Understood... and you are doing the right thing by ensuring that the contractor has his own insurance....but other 'peace of mind insurances' include...

- public liability insurance (in case some muppet wanders onto the site trips & falls into the foundation trench
- buildings insurance as pointed out by secman.... a contractors insurance is not going to cover that.

... its a matter or choice as with any insurance..... you pay it but hope you neveer have to call on it!

ninsaga
 
i would definitely buy it, if as ninsanga says some idiot wanders in and injures themselves, you could end up with a huge liability and your house could be lost through costs. i got my insurance through mccarthy insurance in fermoy, 2.5k 16 months ago, so your quote seems bang on. think about it, it's possibly 1% (probably less of the value of the finished house) yet not having it could mean a world of pain and no house at the end of the process.
 
ninsaga

I see what you mean there. The insurance quote was for to cover accidents and theft.

What you mean by your second point "buildings insurance as pointed out by secman" you mean fire, storm damage, theft?

I suppose i have to get it - anybody can recommend a good broker who will do a good deal??
 
"What you mean by your second point "buildings insurance as pointed out by secman" you mean fire, storm damage, theft?"

..exactly
 
I got my under construction insurance with
We are doing a self build project and the banks wouldnt give us a mortgage with having it in place as the mortgage provider is named as an interested party on the letter of endemnity.

Regards
Hacker
 
Hi,
I was looking at the sunday papers yesteraday and either the Tribune or the Independant had a self build section in which an insurance company which deals specifically with self build insurance had an article. Sorry but I can't remember the company name! Fairly certain that it was in the Tribune though.
 
Yup, it was the Tribune alright - good section on self build. The EBS do a self build mortgage which includes site insurance for 18 months i think.
 
Settled on Hibernian Insurance costed 2400 for 2 years. So its grand. A lot of them were 3,000 euro. Size of house is 3,000.
 
kildarebuild,

what does the 2,400 cover?

is it accidents/public liability and theft?

 
Our Mortgage company requested a copy of our self build insurance before we could draw down our first cheque

I got a quote of 2700 for 2000sqft from Hibernian and got it over grand cheaper for same policy with www.future.ie
 
Campion Insurance in Kilkenny
We used them when getting an extension - the policy we took out was "self build" insurance. My contact there was Paula and she was very helpful.

Hope this helps
 
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