Self-build Insurance Guide - Advertisement Feature from Moneysupermarket.com

More and more people are choosing to self-build their own dream home nowadays – after all, what’s more personal than a home you built yourself? Of course, there’s a lot to think about if you decide to take the plunge, not least the various insurances you’ll need while building the properties, but this article aims to make sense of this for you.

While you’re building your property, you’ll need Self Builder’s Insurance. This protects various aspects of the construction process, from you or a contractor being injured to damage to equipment. Below is a list of things to consider when shopping for cover:

• Machinery, whether yours or hired – this covers tools and other equipment used during the build whether it is yours or on lease from a hire company.
• Containers and units on site, including builder’s huts and/or residential caravan and the contents thereof - All containers on site, including any buildings you may be living in or using otherwise will be covered under this.
• Employer’s liability – protects you against any claims made against you by anyone injured while under your employ
• Public liability – Much the same as employer’s liability, but this covers you should a member of the public claim against you.
• Legal expenses – Handy should you have any disputes with a contractor regarding substandard work.
• Building works and materials – This is cover for quite literally the bricks and mortar of your build, as well as all other materials that may go into the construction of the building.

Most companies offer a few different timescales for the insurance to cover as well, depending on the scale of your project. Obviously, once you’ve finished building your home, you’re going to want home and contents insurance – after all, as much as nobody likes to think it; disasters can and do happen.

Home insurance will cover you from a variety of different things that could happen to your new home. At a basic level, the cover will pay for your home to rebuilt or repaired, but often companies will offer other covers, such as burst pipes and water damage, fire/smoke damage, subsidence and third party damage/vandalism. Buildings insurance also covers all permanent fixtures and fittings such as baths, toilets – essentially anything that could not feasibly be removed and taken to a new house. Items that can be moved are covered by contents insurance, which is often bundled together with the buildings insurance. Contents insurance is designed to cover anything that is not a fixed part of your home, such as electrical appliances, furniture and clothing - Although you should check what your policy covers as often items over a certain value are not covered by default, and items that you take out of the house (Mobile phones, watches, etc) may not be covered. It is best not to just choose the cheapest policy available to you, instead take a moment to check that the policy you are looking that covers you sufficiently.

Author: Chris Spann
Moneysupermarket.com Financial Group