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insurance for house under construction

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  • 28-03-2014 7:03pm
    #1
    aido79
    Registered Users Posts: 5,374 ✭✭✭


    I have purchased a house which is incomplete. All of the external work has been done but most of the internal work needs to be done. Has anyone had any experience with getting insurance for something like this? A lot of insurance companies will only privide under construction insurance for a house before the foundations go in.


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    #2
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    The policies that have to be in place before foundations are in are "self-build" policies. There is a difference.

    AXA will do a building in the course of construction policy. But it won't cover you for liability under direct labour.


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    #3
    mulholpa
    Registered Users Posts: 5 ✭mulholpa


    I too am having difficulty getting insurance. I am renovating an old house and putting a small extension to the side. I have asked around ALOT of insurance companies and just cant seem to get cover. I am project managing myself and have got contractors lined up each one of them have their own PL insurance in place. I am trying to get insurance for the property should the post man/ nosy next door neighbours children fall and hurt themselves. Anyone any idea where i can get this? Any help in this matter would be greatly appreciated.

    Many thanks
    Phil


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    #4
    skipper57
    Registered Users Posts: 8 ✭skipper57


    Hi,

    Your best bet is a broker. We have just obtained insurance for an unoccupied property as we are about to do some renovation work. I thought expensive at over 1400 annual premium, premium rebate possible after 3 months.
    There are a couple of companies that come up on Google, also ask your architect.

    Good luck with the build!!


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    #5
    earlyevening
    Registered Users Posts: 1,331 ✭✭✭earlyevening


    I'm having difficulty too.

    My specific problem is getting house insurance for a house built before 1900 which hasn't been rewired in over 30 years and not reroofed ever (although the roof is not wholly inadequate).

    I've called various companies and my wife spoke to a broker but no joy.

    We just bought the house and plan a refurbishment but would obviously like to insure it in the interim.

    Any advice?


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    #6
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    Allianz. they will need a supplimentary form. but they should do it The refurbishment may put them off so just leave that out.


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    #7
    joxerd
    Registered Users Posts: 5 ✭joxerd


    mulholpa wrote: »
    I too am having difficulty getting insurance. I am renovating an old house and putting a small extension to the side. I have asked around ALOT of insurance companies and just cant seem to get cover. I am project managing myself and have got contractors lined up each one of them have their own PL insurance in place. I am trying to get insurance for the property should the post man/ nosy next door neighbours children fall and hurt themselves. Anyone any idea where i can get this? Any help in this matter would be greatly appreciated.

    Many thanks
    Phil

    Hi Phil,

    I finished a self-build last year and took out insurance after reading this article....I thought they were pretty good and it did give me peace of mind! I can't post the url for some reason but if you do the needful before it eg www., you will find the relevant article - and a wealth of other useful info. Best of luck with it,

    selfbuildinireland.com/?p=29

    Doug


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    #8
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    joxerd wrote: »
    Hi Phil,

    I finished a self-build last year and took out insurance after reading this article....I thought they were pretty good and it did give me peace of mind! I can't post the url for some reason but if you do the needful before it eg www., you will find the relevant article - and a wealth of other useful info. Best of luck with it,

    www.selfbuildinireland.com/?p=29

    Doug

    Thats my article, written many moons ago but still as relevant. The only problem is the market has changed considerably. Nowadays, the only readily available cover is for new builds. You will have to beg, steal or borrow cover for a renovation project. I couldnt get one for a friend of mine the other week.

    PS Contact details quoted are obsolete


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    #9
    mulholpa
    Registered Users Posts: 5 ✭mulholpa


    Hi folks thanks for the replies. Good article doug / oldyouth and has cleared a few things up for me. Still on the hunt for insurance . The search continues... anyone who has successfully got a quote if they could PM me the company so i can try. would be more than appreciated.

    Cheers
    Phil


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    #10
    joxerd
    Registered Users Posts: 5 ✭joxerd


    Hi Phil,

    Sorry about that...I misunderstood. I will make it my business to inquire for you tomorrow.

    Best,

    Doug


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    #11
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    mulholpa wrote: »
    Hi folks thanks for the replies. Good article doug / oldyouth and has cleared a few things up for me. Still on the hunt for insurance . The search continues... anyone who has successfully got a quote if they could PM me the company so i can try. would be more than appreciated.

    Cheers
    Phil

    If you have any business with FBD, that would be your best chance. They have a good policy but reluctantly let it out. If you dont have any policies yourself, get a family member who does to make representations for you


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    #12
    joxerd
    Registered Users Posts: 5 ✭joxerd


    Hi lads,

    Have you tried Frost in Limerick? I called them this morning and was told they would cover public liability for an extension/extensive remodelling job - they even sent me out a form to complete (which I haven't seen yet). Obviously, I don't know about the rates!

    Best,

    Dougie


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    #13
    joxerd
    Registered Users Posts: 5 ✭joxerd


    I have just received the form re: extensions, renovations and it appears to be relatively straightforward. Well worth a try.


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    #14
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    joxerd wrote: »
    I have just received the form re: extensions, renovations and it appears to be relatively straightforward. Well worth a try.

    Hi Joxerd

    I ran in to difficulties with them when trying for the friend I mentioned above. While they covered the liability and extra works going in to the house, they did not cover damage to the existing structure. Just check it out


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    #15
    joxerd
    Registered Users Posts: 5 ✭joxerd


    Hi,

    You obviously know an awful lot more about this than me..sadly from bitter experience by the sounds of it. I did check out the Frost form and it seemed to claim to do what it said on the tin ie on the homepage of their website.

    All I can do is bow out and wish you the best of luck. I would be astonished if there wasn't a company or a broker willing to deal in what will surely be a huge market, if it isn't already.

    Best,

    Joxerd


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    #16
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    Sorry if I have caused any confusion. Their liability policy is grand, their cover for damage to extensions and extra work done on the house is fine, its just that they dont always cover damage to the house that exists at the start of your project


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    #17
    mulholpa
    Registered Users Posts: 5 ✭mulholpa


    Hi Doug, i called frost this morning and lady asked me 'was i talking to a friend of yours this morning !?' :) Thanks for following that up. I have the form completed and sent back so fingers crossed. The public liability element is what I would be most concerned about anyway . Many thanks again !!

    Phil


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    #18
    mulholpa
    Registered Users Posts: 5 ✭mulholpa


    Hi guys just to let you know i got a very comprehensive policy with selfbuildzone .ie . Many thanks for all your help!!

    Phil


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    #19
    aido79
    Registered Users Posts: 5,374 ✭✭✭aido79


    mulholpa wrote: »
    Hi guys just to let you know i got a very comprehensive policy with selfbuildzone .ie . Many thanks for all your help!!

    Phil

    Just had a look at their website. They seem to be the best I've seen. Thanks for that.


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    #20
    rumar
    Registered Users Posts: 164 ✭✭rumar


    Anyone any suggestions for insurance for self build for house in County Dublin? Bank tells us we must get it to get our mortgage. Have the foundations in already. Any idea of approx cost?


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    #21
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    Hi Guys

    Did anyone manage to get this insurance and if so, where ?

    Im buying an unfinished house that is sealed and 2nd fixed - just needs finishing

    Any recommendation of where to get the most comprehensive insurance ?


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    #22
    rumar
    Registered Users Posts: 164 ✭✭rumar


    mickman wrote: »
    Hi Guys

    Did anyone manage to get this insurance and if so, where ?

    Im buying an unfinished house that is sealed and 2nd fixed - just needs finishing

    Any recommendation of where to get the most comprehensive insurance ?

    We got ours with insuremyhouse.ie


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    #23
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    mickman wrote: »
    Hi Guys

    Did anyone manage to get this insurance and if so, where ?

    Im buying an unfinished house that is sealed and 2nd fixed - just needs finishing

    Any recommendation of where to get the most comprehensive insurance ?

    Its not self-build cover you require. That's only cover for green-field site build. You need building in the course of renovation/erection. Try AXA, Kidd insurances, or Frost. Don't be fooled by "specialist household brokers", they just use several titles and then do all insurances.


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    #24
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    peteb2 wrote: »
    Its not self-build cover you require. That's only cover for green-field site build. You need building in the course of renovation/erection. Try AXA, Kidd insurances, or Frost. Don't be fooled by "specialist household brokers", they just use several titles and then do all insurances.

    Aib seem to do it. 400 euro. Does this seem right ?


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    #25
    rumar
    Registered Users Posts: 164 ✭✭rumar


    We got ours from insuremyhome.ie very helpful and quick to get back with a few quotes. It was €470 for 12 mths for buildings under the course of construction up to the value of €350k


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    #26
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    rumar wrote: »
    We got ours from insuremyhome.ie very helpful and quick to get back with a few quotes. It was €470 for 12 mths for buildings under the course of construction up to the value of €350k

    sounds about right so. and was it converted then into a normal policy once construction was done ?

    I presume if i am using a builder who will source the various different tradesmen then their insurance will cover them in the event of an accident


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    #27
    rumar
    Registered Users Posts: 164 ✭✭rumar


    mickman wrote: »
    sounds about right so. and was it converted then into a normal policy once construction was done ?

    I presume if i am using a builder who will source the various different tradesmen then their insurance will cover them in the event of an accident

    The house isn't finished yet but yes that's what will happen once the builder hands us over the house.

    Public liability etc is on the building contractors insurance, you must insure for having to level the house and start again to the value of the house and not what it's costing you, so in our case, the house is costing us in the region of €250k but it's been valued at €350k so we have to insure for €350k.


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    #28
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    rumar wrote: »

    Public liability etc is on the building contractors insurance, you must insure for having to level the house and start again to the value of the house and not what it's costing you, so in our case, the house is costing us in the region of €250k but it's been valued at €350k so we have to insure for €350k.

    Are the bank insisting on that? Because your insurer will only pay for what it costs to re-instate the house - i.e. the €250k. You already own the site so the valuation for sale has no bearing on insurance building sum insured.


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    #29
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    rumar wrote: »
    The house isn't finished yet but yes that's what will happen once the builder hands us over the house.

    Public liability etc is on the building contractors insurance, you must insure for having to level the house and start again to the value of the house and not what it's costing you, so in our case, the house is costing us in the region of €250k but it's been valued at €350k so we have to insure for €350k.

    great thanks. Yeah ours is teh same. costing 250 and have to insure for 310. I believe if i were project managing the whole thing and was hiring and firing hte contractors then i would need self build and my own public liability insurance but im handing it over to the builder to finish. Our finishing work will only take 2 months so hopefully they can change over the policy after that time and not make us lose 10 months of money


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    #30
    rumar
    Registered Users Posts: 164 ✭✭rumar


    peteb2 wrote: »
    Are the bank insisting on that? Because your insurer will only pay for what it costs to re-instate the house - i.e. the €250k. You already own the site so the valuation for sale has no bearing on insurance building sum insured.

    Yes the bank are insisting on it. We initially had it for €250k but we had to raise it to €350k as the bank insisted before we could draw down on the mortgage.


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    #31
    rumar
    Registered Users Posts: 164 ✭✭rumar


    mickman wrote: »
    great thanks. Yeah ours is teh same. costing 250 and have to insure for 310. I believe if i were project managing the whole thing and was hiring and firing hte contractors then i would need self build and my own public liability insurance but im handing it over to the builder to finish. Our finishing work will only take 2 months so hopefully they can change over the policy after that time and not make us lose 10 months of money

    Make sure before you get a policy that you can swap it to ordinary home insurance once the house is finished. Is the house built or partially built? You'll need to get a copy of the builders insurance for the bank if you're mortgaging the build. If you need to get the full whack insurance it'll cost you about €2k and is non transferrable (anywhere I called) and they won't give you a policy if you've already started the work.


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