Self Build Insurance

[Roscommon]

Hi

Can anyone recommend an insurance company for Insurance for self build. And is it advisably to get public liability insurance??

Cheers

[crowleyk]

I recently took out a self build insurance policy with Culleton Insurances
Brokers in Waterford, good price with good cover.

[cathm]

Is this required by rules or regulations or just something that is advisable to do?

[Chuckie]

If contractors do not carry their own Insurance then it is wise to obtain such cover. Provides Employers Liability for injury to anybody working on site, Public Liability for injury to any member of the public who comes on site with or without permission and also covers damage to the building itself until fire insurance policy is in place.

[Tinnipearl]

An insurance policy that provides coverage during the construction of a new home, additional structure, renovation or conversion. Self-build insurance provides financial compensation for setbacks and problems that may occur during the project, such as contractor disputes, accident, injury, death, theft, arson, vandalism and project delays. If the project is being financed with a loan, the lender may require the borrower to purchase self-build insurance.


For an investor, the main benefit of creating a self-build is the potential profit margins. When purchasing a new build property, the purchaser is paying the builder's premium, which not only includes the cost of building the property but also his profit margin. Investors who are prepared to manage the build themselves have discovered that they can bag the profit margin, if they manage the entire project.

Another benefit, which applies to both investors and those who intend to live in the property, is that the building can, quite literally, be made to order. For instance, if a family requires additional bathrooms this is possible, or if it is felt that a particular layout would generate a higher asking price, then this can also be accommodated with a self-build.


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Loss Adjusters