In course of construction insurance

rodge123 · 07-12-2015 09:29AM #1

We are starting a new house build soon and the bank is insisting we have 'in course of construction' insurance before they will release any funds to us.
It's a fixed price build with a contractor/builder.

The bank are going to give us a quote and the tempting thing to do is just go with them, we have so many other things to organize and coordinate that this is tempting!

But no, I'm going to get a few more quotes.

Will most standard home insurers offer this type of insurance?
Seen as you can convert it to standard HI once the build is complete, I'd have thought they would see it as a good opportunity to get new long term customers.

Thanks

murphaph · 07-12-2015 11:23AM

I would have assumed that this is a widely available product from most any insurance company dealing in home insurance. We're building in Germany and we need it here too. Maybe if you don't get any answers here, ask over in the construction and planning forum ;-)

To Elland Back · 07-12-2015 01:54PM

Yes, most insurers who do standard house insurance will have a building in course of construction offering. Very few (if any) will convert the policy to a home comprehensive insurance if there is any period of cover left over. The company who does the best 'course of construction' policy for you, may not be competitive for home comprehensive cover when the time comes

In course of construction insurance

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