self-build insurance
Specialist self-build insurance policies are there to cover you, your tradespeople, and your site from the purchase of your plot, throughout the construction phase and up to 10 years after completion.
There are two main types of policy you should factor into your thinking when planning your project budget.
The first is site insurance. This is required from the moment you buy your plot of land right up to completion of your home. Every project needs it, and lenders will insist you have this in place. Site insurance will protect you against a member of the public injuring themselves on your plot and later your construction site, as well as giving you the peace of mind that if your project is hit by a flood, fire or theft, protection is in place to enable you to complete your build.
The second type of insurance is a structural warranty. This provides you with protection against structural defects and will cover you for complete or partial rebuilding or rectifying work where major damage has occurred which is attributable to a defect in the design, workmanship or materials. If you decide to sell your home, purchasers may request a copy of your structural warranty. If they are financing their purchase through a lender, then there’s a high probability the bank or building society won’t provide a mortgage on property that’s less than 10 years old without a structural warranty in place. It’s notoriously difficult (and expensive) to obtain one retrospectively so putting this in place at the outset of your project is critical.
Even if you are planning your forever home, life can sometimes throw a curveball. If you find yourself in a situation where you need to sell in the first 10 years, without a warranty you would be restricted to a cash buyer and, most likely, a below market value sale.
For more information, download our self-build insurance brochure.
Meet us in person
Why not come and meet the Fleming Homes team in person? We’re there to help you with all your self-build and timber frame questions.
Below are the upcoming exhibitions we’re scheduled to attend. A full list of the shows where you can meet the Fleming Homes team is available on our Events page. Hopefully there’s an event near you soon. If not, just give us a call!