New build insurance

Pmulry

Hello.
Apologies for the stupid post But my partner and I are about to start a new build. First time. Now obviously we need to get building insurance while it's being built. We are been told to go to fbd. Would anyone have advice and possibly price it should be?
Cheers

a_noodle_jenny

I think our was BOI - cost maybe €500/€600
We have contents insurance but there was some specific reason we had to go with BOI - I couldn't believe the price...

madmac187

Zurich, via broker reinstatement €310k €345pa

Pmulry

Sorry I knew I wrote it wrong. I mean how much would it roughly cost to take out "building insurance" while the house is been built.
Apologies

Metric Tensor

Self-build insurance is the terminology you are looking for OP.

It has almost doubled in cost it the last few years and is next to impossible to get if you start work first - so make sure you get it before you do any work. It's a mixture of contractors all risk, employer's liability and fire + theft.

Last I heard was a few years ago for a large one off in rural Galway and it was over a grand for a year - maybe it has come back down a bit since ... maybe not too though!!!

Pmulry

Metric Tensor wrote: »

Self-build insurance is the terminology you are looking for OP.

It has almost doubled in cost it the last few years and is next to impossible to get if you start work first - so make sure you get it before you do any work. It's a mixture of contractors all risk, employer's liability and fire + theft.

Last I heard was a few years ago for a large one off in rural Galway and it was over a grand for a year - maybe it has come back down a bit since ... maybe not too though!!!

Thank you. I have been told it would be around that. Crazy ****. Thanks again.

Robert Allen

Hi, we paid around 1200 last year. Solicitor at the time advised us to do this - he also said that not many companies offer this type of insurance.

Its a good chunk of money but my advice would be to just pay it and move on. you could save money in other areas. We would have people we know working on site and thought we would never need it but you cant be certain. Its worth the money and you will be glad you've purchased it.

Best of luck with the build!

a_noodle_jenny

We wouldn't have gotten a mortgage unless we had this specific insurance - I agree you just pay it and close the Cheque book - ours was defo about €600

I was just making comparison in earlier post that we couldn't go with our own regular (contents only) house insurance company as they don't do self build insurance. I like getting a discount and hoped I'd be rewarded by having no claims etc for this other insurance... yes stupidly ignorant! So there are no discounts, we got one price and we had to pay it for bank to approve mortgage

kildarejohn

Metric Tensor wrote: »

Self-build insurance is the terminology you are looking for OP.

I am not sure if the OP is in fact doing a self-build.
For the OP or anyone reading, there is an important difference between self-build in the true sense (employing direct labour), and what some people (and mortgage companies) call "self build", i.e. employing a main contractor who is doing the whole job for a fixed price.
If you are using a contractor, then the contractor should be taking out the EL and PL insurance (and no doubt including it in his price). In this case, all you need is "Building in course of erection" insurance, you don't need EL, PL or contractors all risk.

Metric Tensor

Excellent post kildarejohn -

I think a_noodle_jenny must definitely have been getting "Building in course of erection" insurance if the cost was only €600.

a_noodle_jenny

Yes this sounds correct - apologies. I'm not dealing with these things directly so my details often have gaps. Thanks to Kildare John for clearing that up.

OH just clarified- We paid €600 for 6 months - there was an issue that our build had started so only RSA would take it on. Other insurance companies would only allow up to take out a policy if it was starting out as a field which we were not.

Metric Tensor

Actually €600 for 6 months is €1200 per year - not unreasonable for a direct labour self build.

a_noodle_jenny

For sure - you'll know all about it if someone has an accident on side and claims - insurance is expensive but being caught without it is far worse.
It's looking like we may need to take out another 6 months - will see just a few delays since November and a number of jobs can only be done when weather warms up a bit.

B-D-P--

Got a quote
"Further to our conversation I would like to confirm a Self-Build premium of €1242.00 for full contract works, employers and Public Liability over a 12 month period. To increase this to 18months the premium would be €1352.45.

Alternatively I have another policy that would just cover Employers and Public Liability at a premium of €938.50 for 18 months."

Would nearly be tempted for the Employers and Public Liability.

jinkybhoy

B-D-P-- wrote: »

Got a quote
"Further to our conversation I would like to confirm a Self-Build premium of €1242.00 for full contract works, employers and Public Liability over a 12 month period. To increase this to 18months the premium would be €1352.45.

Alternatively I have another policy that would just cover Employers and Public Liability at a premium of €938.50 for 18 months."

Would nearly be tempted for the Employers and Public Liability.

The Employers and public liability would only work if the direct labour you are employing are been employed by you ie you are paying them and their prsi etc - just like an actual employer.

You are more than likely just paying a contractor a lump sum and they are paying any of their employees.

kildarejohn

B-D-P-- wrote: »

Got a quote
"Further to our conversation I would like to confirm a Self-Build premium of €1242.00 for full contract works, employers and Public Liability over a 12 month period. To increase this to 18months the premium would be €1352.45.

Alternatively I have another policy that would just cover Employers and Public Liability at a premium of €938.50 for 18 months."

Would nearly be tempted for the Employers and Public Liability.

If you have a mortgage, then you need Property insurance on the building. The Mortgage company only care if you have Property insurance (to protect their investment). They don't care if you have EL & PL (which protect you if you are sued).

B-D-P--

jinkybhoy wrote: »

The Employers and public liability would only work if the direct labour you are employing are been employed by you ie you are paying them and their prsi etc - just like an actual employer.

You are more than likely just paying a contractor a lump sum and they are paying any of their employees.

Nope,
I'm doing Direct Labour

B-D-P--

kildarejohn wrote: »

If you have a mortgage, then you need Property insurance on the building. The Mortgage company only care if you have Property insurance (to protect their investment). They don't care if you have EL & PL (which protect you if you are sued).

Ok, Good point. So will need it for the build alright.

Thanks

BryanF

B-D-P-- wrote: »

Nope,
I'm doing Direct Labour

Specific 'Self build' insurance so.

a_noodle_jenny

jinkybhoy wrote: »

The Employers and public liability would only work if the direct labour you are employing are been employed by you ie you are paying them and their prsi etc - just like an actual employer.

You are more than likely just paying a contractor a lump sum and they are paying any of their employees.

Thanks Bryan, I would add to this we went through a local broker as they knew exactly the insurance we needed in our build. It was a local long standing broker... there was no wiggle room given on the kind of insurance needed and easing the thread above I'm glad we were advised correctly