If you’re tackling a major building project, it pays to put the right protection in place. Mike Hardwick explains what you need to know

Mike Hardwick

With demolition works and a steeply sloping plot to account for, securing a site insurance policy via BuildStore was a no-brainer for Sue and Fred Dow – even though, in the event, they didn’t need to dip into their cover

SIMON BURT PHOTOGRAPHY

For most of you, building your own home will be the biggest financial outlay you’ll ever make – and it will most likely involve spending every penny you have. Undertaking a major extension or renovation project will also require significant investment. It makes sense to put the right insurance in place, then, so as to protect our interests against unforeseen events that might scupper the best-laid plans of even the most organised among us.

Why is it important to have project insurance?

Self-building or renovating can be a risky business. A major scheme involves valuable heavy machinery and expensive materials waiting to be used. Trades will also be working in dangerous environments – such as on roofs and scaffolding, with the accompanying risks of falling or being under something that’s dropped from height. Furthermore, while the work goes ahead, part-built structures such as gable ends can be vulnerable to extreme weather events.

All of this is completely outside the normal remit of domestic building and contents insurance, which means you’ll need to secure a specialist product. Insurance is a risk-based industry and the risks associated with a building site are far higher and much more varied than the relative safety of a residential property.