Insurance is something which is absolutely essential when it comes to building your own house, in particular self build insurance. There are at least two aspects of self build insurance that have to be considered. There is structural insurance, which is required before any mortgage lender will look at your application, and generally covers a period of 10 years or more.
There is also building insurance, this is required to protect you from fire or theft during the building process, many a home builder has been through the painful process of having a costly new kitchen installed, only to have it removed overnight by thieves.Checkout contents insurance for more info.
Self build insurance is one of these mega-important aspects of building your own home which is easily overlooked in the excitement involved in the building process. There are a number of factors to consider in choosing an insurance policy of this type. Here are a few things to consider.
Structural insurance: This as the title suggests, is an insurance policy that will guarantee any lender or purchaser that the building is structurally sound, or at least if it is not then they will be insured against for instance faulty workmanship or ground movement.
For those of us who are lucky enough to own more than one home and rent out the additional properties, can invest in building insurance to protect the building but not the tenants belongings. What happens to the tenants possessions is not the responsibility of the landlord.
However, tenants have a tendency to cause considerable damage to property and building insurance can cover the cost of repairs. One can also include legal and maintenance cover under this kind of insurance. In order for the tenant to be covered against theft and other eventualities, they have to take out their own insurance.Do you want to learn more? Visit buildings insurance
Then there is builders risk insurance, this kind of insurance covers the building against damages whilst it is still under construction. That way, should a particularly vicious storm because damage to your building before it has been completed, you do not have to pay for the repairs out of your own pocket.
There are many other types of building insurance available, which you decide to opt for is dependent entirely on what you intend to do with the building you are insuring. Older houses which have historical value will never be insured for their true value as this is inestimable.