Mortgages & Finance
One of the most important things you need to consider when undertaking a major homebuilding project is insurance - and making sure you have the policies you need in place to protect your home.
There are two types of insurance you should have in place - site insurance and a structural warranty.
Things can and do go wrong on a building site - it can be a dangerous environment and it's important you have adequate insurance in place. Here are just some of the most recent site insurance claims by our clients:
- Theft of tools from site
- Attempted break in
- Storm damage
- Escape of water from fixing joint in pipework
- Water ingress via damaged roof tiles
- Excavator caught fire
- Damage to neighbour's car caused by heras fencing
- Groundwork contractors hit a power cable
- Boundary wall collapsed damaging neighbour's electrical supply
- Builder was working on platform when wooden plan snapped causing him to fall 1.5m
- Burst water pip in upstairs bathroom
Contractors or trades should of course have their own insurance and you should always check this is in place before hiring them. But, even if they have their own insurance and you're not personally responsible for subcontractors, plan or materials on site, you'll still need public liability cover in advance of them starting work and for when when they're not on site. For absolute security, it makes sense to arrange your own site insurance to ensure you have continuous cover throughout your project.
Like any insurance policy, the hope is you'll never need to make a claim, but should you need to, you be immensely glad the cover is in place.
The other important insurance you need to think about is a Structural Warranty. Undertaking a self build project is probably the largest single investment of your life. Protecting your dream home once it's complete is crucial and an architect's certificate simply doesn't provide you with any comeback should a serious structural defect occur.
Here are some of the most recent structural warranty claims by our clients:
- Falling Floor
- Various issues - damage to rendering, damage to floor, problems with loft
- Damage to weather boards
- Damage to roof
A structural warranty provides a 10 year guarantee against structural defects in the design, workmanship or materials.
Many banks and building societies are unwilling to provide funds on new, or newly converted properties less than 10 years old unless covered by a structural warranty.
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