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Insurance - House Build

  • 14-01-2020 11:29am
    #1
    mickey15ie
    Registered Users, Registered Users 2 Posts: 335 ✭✭


    Morning All,

    Does any one know if you need to take out house insurance for building a house if you have a main contractor doing the entire build?

    The main contractor has stated they will endorse the property on their insurance.

    will the builders insurance satisfy the bank?


Comments

  • #2
    arctictree
    Registered Users, Registered Users 2 Posts: 4,364 ✭✭✭arctictree


    mickey15ie wrote: »
    Morning All,

    Does any one know if you need to take out house insurance for building a house if you have a main contractor doing the entire build?

    The main contractor has stated they will endorse the property on their insurance.

    will the builders insurance satisfy the bank?

    We just finished building a house. The builder said that his insurance covered the build. Then we just got normal house insurance a couple of weeks before we moved in.


  • #3
    dots104
    Registered Users, Registered Users 2 Posts: 145 ✭✭dots104


    mickey15ie wrote: »
    Morning All,

    Does any one know if you need to take out house insurance for building a house if you have a main contractor doing the entire build?

    The main contractor has stated they will endorse the property on their insurance.

    will the builders insurance satisfy the bank?

    We are just about to begin works on our site and our bank insisted that we had to take out our own insurance for the duration of the work even though our contractor has his own PI. Its called "in course of construction" insurance. I couldnt understand why we needed this but they wouldn't release funds without one. If the build is completed before 12 months the insurance changes over to regular house insurance for the remainder. Sounds to me a money making scheme for insurance company's


  • #4
    captivo
    Registered Users, Registered Users 2 Posts: 53 ✭✭captivo


    dots104 wrote: »
    We are just about to begin works on our site and our bank insisted that we had to take out our own insurance for the duration of the work even though our contractor has his own PI. Its called "in course of construction" insurance. I couldnt understand why we needed this but they wouldn't release funds without one. If the build is completed before 12 months the insurance changes over to regular house insurance for the remainder. Sounds to me a money making scheme for insurance company's
    Was that with BOI? We're in the same position, the bank is insisting that we take out 'Course of Construction' insurance even though the building contractor already has insurance. Not sure of the reasoning behind this?


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