Refurb cover

Stevie1

Apologies if this has been asked many times, have also posted on the Insurance forum but had no replies!

I need to insure our new property, we are completing on Friday and starting work immediately on bringing it up to date. We are not going to live in it while we do the work.

Apparently, it seems we need specialist building insurance. I've been told by one insurer (Atkinson Smith) that a Self Build policy is not suitable because the work is internal (external work will not take place until next year, by which time we will already live in the property). They are only offering Level 1 or 2 cover which doesn't include theft, which is the whole point!

Does anyone happen to have an idea of what sort of policy we need and where to get it! I am getting really concerned!!

adaze

I guess it would depend what kind of work you are doing, but why would regular buildings/ contents insurance not suffice. I have accidental DIY damage inculded on our policy so if I c*ck anything up we are covered. It would probably matter that you are not living there (i.e. not you main residence), but if you were visiting everyday/ every other day then I am sure more insurers would be happy....

m_13

Homebuilding and Removation Magazine lists the following:

Renovation & Conversions: For renovation and conversion projects, site insurance is available from the following insurers. Existing structures cover for buildings that are unoccupied before work begins is also available.

• Project Builder (CGNU Insurance ): Contact FE Wright 020 7716 5000
• Equity Red Star: Contact Holman Insurance Brokers 01268 730733
• AXA (via Vulcan Insurance Brokers): Contact DMS Services 01909 591652
• BuildCare (Allianz Cornhill): Contact BuildStore 0800 1975995
• ACE Europe underwrites Belmont Int.’s self-builder.com policy 0800 018 7660

I think the external works comment is a red herring!

andrew-b

Cover for theft comes under contents insurance and not buildings insurance. Buildings insurance covers you for whatever would remain attached if you could hypothetically turn the building upside down. So if you want theft cover you need contents insurance.

My advice is to contact the insurer for your current property (if your not renting that is) and explain the situation. They may be able to offer you a better deal than going with a complete different company plus it means one less company to deal with when the time comes to move into the new property.

Although i'm not sure they will give you the cover your after, we are currently with Prudential for our buildings and contents insurance (initially because i got cashback through quidco but may stay put at renewal time) and they seemed quite helpful in my conversations with them. Nationwide seemed helpful too when we were going to insure through them on a house purchase that all fell through. Initially we insured our house with the Abbey and again seemed helpful on the phone - only really changed to get a better deal.

The reason we tend to always insure through a bank or building society is that then you can spread the payments by paying monthly without being clobbered for interest payments on top.

Good luck with the new property!

Andy

Stevie1

Thanks m_13, I'll try the contacts you have posted.
I have phoned a local insurance broker who recommended Selfbuilder as recognised and well known providers of such policies, so I will try them.

Andrew-b, standard building & contents does not cover an unoccupied property, none of the 'high street' insurers do this sort of cover. I suppose most people who do this sort of thing, don't bother getting the right cover (innocently or otherwise).