For those building their own home from the ground up, or making structural changes to their existing property, such as adding an extension, there are many different considerations throughout the project. Self-build insurance that covers the property from any serious structural defects that might come to light later can sometimes feel like just a ‘nice to have’ rather than an essential part of the build admin, but this is not the case.
One of the reasons for taking out any kind of structural warranty is that it protects the homeowner in the event of latent defects being found that need to be remedied for the property to be safe. This could be because of poor workmanship, inadequate or incorrect materials being used or even design mistakes. For a self-builder, they sometimes feel that because they are in charge of the build, this couldn’t possibly happen under their watch, so they don’t need to insure against it. However, this is a risky approach to take, and could mean they are liable for huge costs if something does go wrong.
Another reason why self-builders don’t always see the need for this kind of insurance cover is because they plan never to sell the property on. A mortgage lender won’t allow borrowing against a property completed within the last 10 years unless it has this kind of warranty cover in place, so that could make the property essentially unsellable. Sometimes, people’s circumstances unexpectedly change and even though the property owner might not intend to sell it now, it sometimes becomes necessary further down the line. This can be made much more difficult if the right self-build insurance is not in place.
Our team are specialists in construction insurance and understand the complexities of self-build projects. We can help make sure that the right level of self-build insurance is in place for your project, bringing peace of mind that enables you to focus on getting things completed and enjoying the finished property.