Self build insurance over £1 million

[PSC88]

Hi

 

Im looking for recommendations for my self build insurance my surveyor and mortgage company require cover for rebuild cost for £1.8 million

 

Most insurers online quote a max £1 mill rebuild cost

 

protek are quoting me just under £4k for 12 months this seems steep

 

any other recommendations or brokers?

 

[Russell griffiths]

How long will you need it ?

insuring 1.8 for a premium of £4000 is not a bad rate, it’s a fairly high risk area. 
does that cover public liability and other stuff. 
if your going to be finished in a year or two that’s a small percentage of build cost. 
mine was only £1200 a year but i renewed it 4 times. 

[Conor]

That's a good price. 0.002% of your build cost....

[Gus Potter]

Ah.. First thing I think is that are you building a small house on a very valuable plot? 

 

If you are putting a 1.8m value house on a £250k plot then the warranty is far too cheep. 

 

I do claims work from time to time against the warranty providers. There are new comers to the market and you really nead to read carefully their T & C's. It bad enough for me going up against the NHBC as their T &C  are not the same as they used to be. My last experience with Protek was.. the computer says know.. they are relatively small compared with the huge contingency ( all be it ring fenced) that the NHBC hold.

 

One of their surveyors came to my office and I found him very competant, had a huge depth of knowledge about the building industry but a good bit of the liability rested with him, not Protek Unfortunatly the Protek management came over as a bit twatish..and a bit financially niaive about the self building industry. I think the main guy was about 40 years old.. still clearly in primary school.  but with a bit of tough love they seemed to wake up and smell the coffee and we agreed a sensible premium that balanced their risk against mine. 

 

For the keen, folk that are familiar with how policies are written.. many waranty providers are shedding risk to independant surveyors and SE's to keep the cost down.. the banks are just burying their heads in the sand lending wise. I recently (not be named) one waranty provider wanted me to take on the contaminated land risk.. for £100 quid.. they are either out of their mind, or low IQ or just chancers! It's business so the latter is most likely. In this insurance business there are no friends in the desert! I know and make claims agianst them.. on the wanker ratio they are often above 5. Some are actually competent individuals.. but why do they take the mickeal out of ordinary home owners that say just work for the NHS... like my wife? 

 

You must understand how limited the cover is you are going to get for 4.0k. 

Edited 3 hours ago by Gus Potter