Self Build Insurance: Under Construction

2007-03-08 10:33:40

( Insurance )



Sometimes even the best laid construction plans will encounter accidents or unfortunate events. That is why having self build insurance, while not required by law for home construction, is always a good idea to have. Any type of construction, whether it is for minor renovation or major works, always involves some risks, both on your part and on the workers side. And these risks you should have some form of protection against.

BUILD VS. BUILDING

Self build insurance is different from building insurance. Building insurance provides coverage for your building or house in the event that the structure incurs damage for some reason or another. The amount of cash you will receive depends on the terms of the building insurance you have purchased.

While building insurance provides coverage for an existing structure, self build insurance provides protection during the actual building or construction of your house. Self build insurance can give you coverage for the following situations: loss or theft of building materials, injuries sustained by workers and civilians on the construction site, accidental damage to another individual’s property brought about by your contractors, damage to materials or structure due to fire or flood.

JUST RIGHT

If you are having a house built, how much self build insurance should you purchase? The answer depends on several factors. For example, if your house is going to be erected on a slope or on a piece of land that will require major earth works, then get self build insurance that has coverage for liability because the nature of the work exposes the workers to more risks of injury.

The best way to make sure that you are not buying too much or too little coverage is to analyze your situation. There may be some self build insurance features that you do not have to be covered for. Make sure to buy only what you need.


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