How Important Is It To Have Renovation Insurance Or Site Insurance?

Posted by SELF BUILD INSURANCE on November 22nd, 2019

Read on to understand why it’s so important to have a specialist insurance product that covers you against potential risks.

 Provides Cover for Existing Structure
Think you don’t need a separate renovation insurance policy because you already have home insurance? The truth is that most home insurance policies do not provide cover for projects such as extensions and renovations. There are numerous things that can go wrong in a renovation project - such as a wall collapse – and a separate renovation insurance policy that provides cover for existing structure is the best way to protect yourself from risks with potential disastrous financial consequences.

 Provides Cover for Contract Works
Some home owners ignore house renovation insurance believing that the contractor will have insurance for works carried out on the property. The truth is that different contractors opt for different levels of cover. It’s wise not to depend on the contract works insurance of your contractor without knowing what’s included and excluded, otherwise your financial interests may not be protected. Instead, you can opt for a renovation insurance policy that offers contract works insurance for your self-build that runs through the entire duration of construction.

 Provides Protection In Case of Employer’s Liability
In a self-build project, you are the employer. As an employer, you are legally required to have liability insurance for employees. Substantial employer’s liability insurance is an absolute must to cover you for legal costs and compensation in case a contractor or employee is injured on your worksite. Good renovation insurance products also include cover for tools and personal effects owned by employees as well as cover for site huts and caravans. If you are using hired or self-owned plants and tools, it’s best to choose a renovation insurance policy that provides cover for these as well.
  

Safeguards against Public Liability
A property under renovation poses increased risks for accidents and injuries, not just for employees but also for members of the public, even if they are trespassing. As the site owner, you are responsible for any injuries sustained by third parties on your property. Your contractor may have public liability cover but this may not be applicable during non-working hours. It is in your best interests to avail home renovation insurance with substantial cover for public liability.

Protects Site Owner’s Interests
Even if you’re not undertaking a house renovation, extension or conversion project, you may need a specialist insurance product if you’re involved in a self-build project. A specialist site insurance policy can kick in right from the time you have purchased your land. You may think you do not need such a product if you haven’t started construction and you’re still in the process of obtaining quotes or applying for permissions. A site insurance policy can cover you till the time you’re ready to construct.

Want to get started? Select a reputed service provider and provide some key information regarding your self-build project!