Insurance for Buildings under Construction

MacDanger

Hi All

We're applying for a mortgage with Haven and we're being told that we need Insurance for Buildings under Construction. We're going with a main contractor who has insurance, etc. so I'm not sure why we'd need this - anyone come across this before?

Thanks

MacDanger

Anyone?

walterking

Will the main contractor cover destruction at a weekend if that happened? - I doubt it.

First google result https://www.bradyinsurance.ie/en/personal-insurance/self-build

MacDanger

https://www.boards.ie/discussion/comment/120235003#Comment_120235003

I guess that's my question - is this usually asked for or not? Our architect seems to think not but I just wanted some other opinions

keno-daytrader

https://www.boards.ie/discussion/comment/120235096#Comment_120235096

Yes, all banks will require this on a self build mortgage.

If your structure gets destroyed before completion the bank will want to be protected, and so should you.

MacDanger

https://www.boards.ie/discussion/comment/120236423#Comment_120236423

Cheers although I don't agree that all banks want it; or at least they don't seem to require it all of the time - a family member currently building has a BoI mortgage and wasn't required to get it

Anyone have experience of getting this insurance for an ICF build? Seems like many won't cover this as it's considered a "non-standard" method of construction

dr.kenneth noisewater

https://www.boards.ie/discussion/comment/120236483#Comment_120236483

Recently got a BOI mortgage and had to get it. Had to go through a broker to get a quote (via our mortgage broker)