New build insurance

New build insurance, also known as new home insurance or construction insurance, is a type of insurance policy that covers a newly built property during the construction process and for a period after completion. Here's a breakdown of what new build insurance typically covers:

What is covered:

  1. Structural damage: Damage to the building's structure, including walls, floors, roofs, and foundations.
  2. Materials and labor: Damage to or loss of materials and labor costs during the construction process.
  3. Theft and vandalism: Theft or vandalism of building materials, equipment, or tools on site.
  4. Weather-related damage: Damage caused by natural disasters such as hurricanes, floods, or earthquakes.
  5. Accidents and injuries: Accidents or injuries to workers or visitors on site.

What is not covered:

  1. Design and planning errors: Errors or omissions in the design or planning of the building.
  2. Site preparation: Damage to the site before construction begins, such as soil erosion or contamination.
  3. Land acquisition: Risks associated with purchasing the land, such as title issues or environmental contamination.

Types of new build insurance:

  1. Construction all-risk insurance: Covers damage to the building and its contents during the construction process.
  2. Builder's risk insurance: Similar to construction all-risk insurance, but typically covers smaller projects or renovations.
  3. New home insurance: Covers the newly built property after completion, including damage to the building and its contents.

When to purchase new build insurance:

  1. During construction: Purchase insurance as soon as construction begins to protect against unexpected events.
  2. Before completion: Ensure that the policy covers the building until it's fully completed and ready for occupancy.

How to purchase new build insurance:

  1. Contact an insurance broker: Work with a licensed insurance broker who has experience with new build insurance.
  2. Compare quotes: Get quotes from multiple insurance providers to find the best coverage and price.
  3. Review policy details: Carefully review the policy terms, conditions, and exclusions to ensure you understand what's covered and what's not.

Remember to purchase new build insurance as soon as possible to protect your investment and ensure that your new home is properly insured.