Self Build Insurance Requirements

If you decide to build your own home or add onto your home then you need self build insurance. This form of insurance is essential for the protection of your money, as well as for your security and your peace of mind. All of these are very important after all! While it may be exciting to do either of these things it is also a risky endeavor. You should never cut corners when it comes to insurance coverage![br]

If you decide to build your own home or add onto your home then you need self build insurance. This form of insurance is essential for the protection of your money, as well as for your security and your peace of mind. All of these are very important after all! While it may be exciting to do either of these things it is also a risky endeavor. You should never cut corners when it comes to insurance coverage![br]

One type of insurance for those interested in self building is site insurance. This type of insurance is also sometimes referred to as contract works insurance. This is the type of coverage that most often applies to a dwelling and all of the contents in it. This coverage protects a homeowner against losses that are caused by a variety of things such as fire, theft, floods, vandalism, delivery vehicles and other problems that can end up costing money, time or both.

Another type of self build insurance is known as public liability cover. This may be the most significant policy that you can purchase for your home project. This policy covers you if anyone injures themselves on your property when work is being done. It could be a family member, friend, worker, contractor or even a neighbor who wanders over to see how work is progressing. Even if a trespasser walks onto your property and falls or trip on something you are liable. A standard policy of this sort can offer you coverage in various dollar amounts.  In order to determine how much you require, think about the amount of property you own and whether you have outbuildings on the premises.[br]

Self build insurance can also take into account employer’s liability coverage. If you decide to handle the project management yourself and hire people to help you (as opposed to hiring a contractor to put the project into motion) then you need to protect against claims that could be filed against you by those working on your property. Even if you have not employed an individual to work on your home with you there is something known as a “duty of care”. This is something that you as the homeowner and instigator of the work project are responsible for. If someone injures themselves on your land then they may be able to place a claim for damages.

It is important to learn as much as you can about self build insurance before you start any type of home project. Even if you are doing something small to your home it still matters.