New Build Insurance

K

KOW

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Hopefully starting new build next month. Phoned FBD and a couple of brokers today seeking quote for insurance. They all seem to be quoting for 18 months only. So far quotes have ranged from 1880-3000 euro for self build policy. Can anybody offer advise? Cheers.
 
Hi

Starting a new extension next week

Do I need to take out insurance separately or will my home insurance cover same
 
Home insurance more than likely will NOT cover it. Read the Policy booklet. If you are in any doubt thereafter, contact your insurer/broker.
 
Your existing house insurance will not cover the construction on the extension and when I was building an extension I found it also limited the cover on the existing house. At the very least you need to advise the insurance company of the works taking place, they can then advise what the story is.
 
As Pointed out, it will not cover anything all related to construction. You may have restrictions on your PL and EL at a minimum. Theft may be restricted; fire may be restricted; storm and burst pipes might be excluded. You need to read your Policy booklet. These are now clearly written. If you have any doubt at all, contact your insurer or broker.
 
Just to answer my own question. After a lot of research and phone calls. The best price I could achieve was 1170euro.
 
Hi DCD,
I too have started a new build in January and am currently looking into the house insurance which is necessary to draw down the mortgage payments.
Are you just quoting for the building structure at the moment?
Or are you including contents, however there is no contents in the house as of yet?
You mentioned 18 months above, how so, are the premiums not all for 12 months?

Any help would be appreciated.
thanks
 
You might be talking about different types of insurance, normally bank wants house insured, usually a very limited policy as it is in the course of construction and no contents will be covered, that is an annual policy. However I'd say the OP was talking about a self build insurance policy which covers liability to workers etc, this can be for a longer time like the 18 months as it's giving you enough time to build the house and is not a policy you would normally be renewing.

Some self build policies will include sufficient cover to satisfy the bank so one policy will do for the lot. However while the bank will sometimes only require the house to be covered with an ordinary house insurance however that won't cover your building if you are doing a self build so you either need a policy that covers both or separate policies.

Is it a self build or is there an overall contractor? If contractor their insurance may cover the build, double check it though. Bank will still require cover on the building itself.
 
Regarding policy
1. Only available prior to start of build
2. the difference between 12month and 18 month policy was less than 200 euro
3.Initially cover is for fire-flood-lightning etc and covers trades etc.
4. Only when building is secured ie doors windows etc in and secured and sign of break/forced entry are other items covered.
Cover got via Broker in Arklow County Wicklow.

Please note near to impossible to get cover once build is started.
 
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