What is Property Insurance and why do you need it?

Whatever aspect of a build you’re involved with, it makes financial sense to be fully insured. Whether you’re at the planning stage, dealing with land clearance or the details of the actual build, you need to obtain cover for your liabilities, legal indemnities and material losses. But, what’s sometimes overlooked is that the property itself needs to be insured, separately from your other policies. You could have purchased a building that’s been unoccupied for several months, prior to refurbishment or development. That building would need its own cover. Or you may have a newly built property, which is at the stage where it’s been made watertight. At this point, a contractor’s policy or a contract works policy would no longer cover the property. So, again, you would need specific insurance cover. This is where property insurance is required to protect your investment. It takes a good broker, experienced in the construction industry to know details like this. At Construction Insure, we’ve been brokering policies to protect property developers and contractors for forty years, so we know which cover you need for every stage of your build or development.