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The Ultimate Guide to Self-Build Insurance: What You Need to Know

by Seth Cooper on Jun 21, 2019

Buying a home is already expensive, and then you need to get home insurance on top of it. It is essential. But then you want to do renovations—shouldn’t your current insurance cover it? It should, but it normally doesn’t. Most insurance company’s policies only cover the home as it is, not self-building, conversions, or renovations. If something goes wrong, you don’t likely have the coverage you need to replace supplies as well as pay for accidents. Since every insurance policy is different, it all begins with talking to your provider.

What will my Insurance Provider Cover?

The fact of it is that your insurance company will try to get out of paying for anything that has to do with a renovation, especially when the owners are doing it themselves. Whatever the project is, you should make sure to talk to your company about what it entails and what they will cover. There is no use beating around the bush, you need to know what will happen should something go wrong. Once you talk to a customer service representative at your insurance company, you will be able to decide whether you need additional self-build insurance.

Do I need Additional Insurance?

Your house is probably your most valuable possession, your life’s biggest investment. Plus all of your other possessions are inside, and many home insurance policies don’t cover them if something happens in the process of renovation. The experts at the website MoneyPug, a platform used to find cheap home insurance, say that not only do you need to insure items in your home, you will need to make sure you are covered for damages, medical bills should there be an accident, and supplies that you need to replace.

Some people think that they will be okay risking it without insurance, and many people make it out, but it only takes one accident to jeopardise your project, your home, and your savings. Self-build insurance will cover permanent fixtures in the house, medical bills if there is an incident, and unforeseen damages to the home. It may even cover the costs of a sudden event that makes the home uninhabitable. It’s important to have the peace of mind that everything will be covered, insurance isn’t just necessary—it is mandatory to ensure your home, possessions, and contracted employers are protected.

What about my Contractor?

Most home owners assume that a contractor they hire has insurance for their business, this is not always the case. In fact, there is no guarantee that the builder will have the necessary policy if the home or anything in it is destroyed and if they are injured in the process.

Even if the contractor has insurance, you should ask them a lot of questions about what it covers and what it doesn’t. They may take out the minimum policy that doesn’t cover much. You are also responsible for what happens in your home, there is no guarantee that what happens will be covered by a contractor or sub-contractors insurance. The best bet is always to protect yourself with the necessary insurance. In the long-run, it will pay off.

How much will it Cost?

This is the most common question when it comes to renovation insurance. People want to know an estimate as to how much the policy will cost. Every home is different, with varying locations, sizes, ages, and more, and every renovation carries its own risks. The only way to know how much your insurance will cost is to ask what your current insurance covers and find out what you will need to properly insure. Then go shopping on comparison sites for the best possible rates. When you put the time in, you will reap the rewards.

The only real way to protect yourself if anything should go wrong when you are doing a home renovation is to get the right insurance. You can’t be sure that nothing will go wrong, and you can’t be sure that the damages will be inexpensive. Don’t risk your home and savings to save a few bucks, put the money into it and you will have the peace of mind necessary to finish your renovation and increase the value of your property.

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