It might be worth considering some form of protection for your home improvement investment if you are hiring builders. If you are installing a new kitchen you would make sure that your washing machine and fridge came with a guarantee, so why not get some protection for the structural elements of the building you will spend thousands on?
Consider:
Unoccupied Buildings Insurance – Your existing policy for building insurance may not cover claims made while your house is vacant. Unoccupied buildings insurance can cover you for up to 9 months. It covers damage from fire, storms, water leaks and theft.
Check what cover your builder already has in place
A good builder contract will include the following: a breakdown of all the elements, the VAT applicable, and any warranties. A signed contract is essential as it provides you with legal protection. Without it, you may be out of pocket in the event of a problem. All members of the Federation of Master Builders can provide you with a contract. For Exeter Builders, visit www.silverferndevelopments.co.uk/exeter-builders
Ask your builder what kind of insurance is in place once you are aware that a contract may be offered. It may include:
- Insurance: Your builder’s liability insurance covers accidental damage or injury to your home or to neighbouring property. It can be both public liability, which offers you protection as a homeowner, and employer’s liability insurance that protects the employees and subcontractors working in your home.
- Insurance for contract works: This policy is sometimes called a “contractors’ all-risk” policy and covers new building work, including loft conversions, extensions, and new builds. The builder is covered for any costs incurred by the damage caused by vandalism or theft. It also covers floods and fires. This can be an important policy, especially if you have a new extension that is damaged by flood or is broken into while the work is being done.
- Insurance for professional indemnity: Having this insurance means that your builder will cover any costs if you have to file a claim relating to the design of the home or the advice they gave you. This insurance can cover the cost of any damage to your home caused by the builder, as well as injuries, negligence, and a breach of confidentiality.
