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Protect yourself to ensure project success


In a challenging economy, protecting your project from risks has never been more important. Giles Fallan of BuildSafe shares how the right self- build insurance can help give you


confidence to ake our drea oe a realit A


ccording to the National Self Build Association (NaCSBA), one in three people in the UK want to build their own home. To help make self-building more attainable, the UK Government launched their Help to Build loan in 2021, aiming to enable 40,000 self-built new homes every year. Yet despite this government data shows self-builds have been declining in recent years, with registrations of interest down 34%, planning applications down 12% and permissions down 23% in 2022.


SO, WHAT IS STOPPING PEOPLE CHOOSING THE SELF-BUILD ROUTE? Understandably, many self-builders are first tiers  and naigating finance planning and te uild can e daunting processes. Concerns around the complexity of acquiring land and navigating planning permissions, as well as the impact of the cost-of-living crisis, are often cited as barriers to choosing self-build, and reasons for project delays. As well as government loan support, the increased options offered by pre-


fabrication and modern methods of construction mean self-building is arguably more attainable than ever. But undoubtedly it is also a challenging economic period, and conversations around materials costs, project delays and the number of insolvencies among building companies is a concern for those looking to plan a project. Knowing that your project is protected is now more important than ever. Many potential self-builders may not realise that having the correct self-build insurance will not only help you secure te est finance option aailale to you, but it can also help you feel confident and protected to get our project off the ground.


HOW CAN SELF-BUILDERS INSURE THEMSELVES FOR SUCCESS? Self-build insurance or warranty protects you and your contractors during construction, as well as your home at every stage of the build and 10-year cover against major structural damage after completion.


A self-build insurance policy will often include the following, but this is by no eans a definitie list


• ontractors ll isk coers incidents suc as fire tet andalis ood and storm damage.


• ploers iailit soe sel builders may not be aware you are deemed the employer for insurance purposes, and so liable for all workers and subcontractors’ welfare, making this cover a key protection.


• ulic liailit protection in te case of damage to your build from a person outside the site, as well in the case of damage, injury or loss that is suffered by third parties or the public. It is advisable to get this in place as soon as land is purchased.


• Legal Expenses Insurance. • ontract Works repair or replace any part of the build in the event of damage or structural defects.


Getting the right cover for your unique project is key. Specialist insurers can help alleviate your concerns, for example it might be that protection against third party insolvency or loss of deposit is a priority for you and insurers can look to secure that.


IS SELF-BUILD INSURANCE REQUIRED FOR EVERY PROJECT? From bungalows to barn conversions,


12 www.sbhonline.co.uk jul/aug 2024


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