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insurance while building..

  • 11-05-2009 6:20pm
    #1
    kenneth2
    Registered Users, Registered Users 2 Posts: 115 ✭✭


    Did anyone here need to get insurance for the building work before drawing down the mortgage?
    I just got told that i need to take out a policy for fire/wind/water damage,
    for the total building cost, (the foundation, house walls, ..., kitchen, floors, ...., tarmac, bountry walls ... )
    not just the cost to re build the work done on the house,
    I would have thought (if it was needed) that it would only be for the amount you are drawing down...
    I have to check what the builders insurance covers, i hope it covers this, otherwise it's another un-budgeted outlay... :-(

    Anyone have any experience of this? and if so could i get details of places that provide the relevent insurance, to ensure that i get the cheapest quote..

    Cheers


Comments

  • #2
    Mike2006
    Registered Users, Registered Users 2 Posts: 689 ✭✭✭Mike2006


    I got mine from the bank which supplied the mortgage. It was a once off payment of around €400.

    Mike.


  • #3
    Lightning McQue
    Closed Accounts Posts: 112 ✭✭Lightning McQue


    Its one of the conditions of drawing down the mortgage ie you have to have insurance. I thought it was a complete rip-off. The builder had his own insurance.

    FBD were the cheapest but it wasnt the best policy. As far as I can remember it only covered fire, lightning and explosions.

    If I wanted to include storm cover when windows and doors and roof was completed it jumped to €820. Mine was a slow build so I didnt go with FBD.

    Lightning


  • #4
    sunnysoutheast
    Registered Users, Registered Users 2 Posts: 2,072 ✭✭✭sunnysoutheast


    OP - do a search on here for "contractor's all risks" cover, this will cover you for public liability, employer's liability and theft/damage in course of construction.

    If you are building direct or with a project manager you would be well advised to take out this cover. You are also responsible for H&S on the site.

    If you are building with a main contractor then the builder should have such cover in place, but that will only cover the work he is contracted to do and will cease as soon as he leaves the site.

    Bear in mind that if you want to get some of your own work done during the build (for example first/second fix electrical/plumbing) this will not be covered by the contractor's insurance and your guys will not be able to use the contractor's ladders/scaffolding etc.

    The cover seems to be about 60c-100c per sq. ft. for a two year policy. I don't believe the bank insurance would be a full CAR policy - it will likely cover the rebuild costs but not employer's and public liability.

    SSE


  • #5
    kenneth2
    Registered Users, Registered Users 2 Posts: 115 ✭✭kenneth2


    its just a little odd that the bank want me to pay for insurance for the filly completed house (everything)
    when i'm only drawing down the first bit of money....

    the policy only covers the rebuild cost ...

    i'm going with a builder and he has confirmed that his insurance covers this aswell...
    I'll get the cert from him and show the bank but i suspect i'll still have to pay the banks hefty insurance premium while the house is being built..


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