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Owning a new build home means you have protection that most standard home owners do not – namely a 10-year Buildmark warranty that covers the construction company’s work and the land the property was built on. This doesn’t mean you don’t need home insurance however…
This guide is intended to inform you of everything you need to know about new build insurance, including why you need it, the types of cover you can get and great ways to save money.
Key Points
- New build insurance can provide cover for your house for both structural damage and burglaries.
- You can easily tailor the quotes you get so they include the level of cover you need.
- If you plan to let the property, then you can get landlord insurance too.
- The cost of new build insurance will vary and depends on the rebuild costs as well as the location of the property and how secure it is.
A Guide to New Build Insurance
If you own a new build, then you might be wondering why you need home insurance when you have a 10-year Buildmark warranty. The reason is that the Buildmark warranty doesn’t cover you for most risks that come with home ownership i.e. structural damage as a result of extreme weather conditions or fire; or for burglaries.
Types of New Build Insurance
- Building insurance – Building insurance is the most basic type of cover you’ll need with a new build policy. Although you might think the building itself is covered by the Buildmark warranty, this is only if there was found to be a fault with the construction company’s work. It wouldn’t cover you for structural damage from things like flooding and fire, where a building insurance policy does.
- Contents insurance – Contents insurance will cover the value of your contents for theft. If you want to also have them covered for accidental damage, you’ll usually need to have this added as an extra type of cover.
- Landlord insurance – If you’re planning to let your new build property, then you’ll need to take out a landlord insurance policy to protect yourself against risks such as liability claims.
Did you know?
You still need to take out home insurance even in the case of a new build.New build insurance – ways to save money
Save money on new build insurance with these tips:
- Pay for your cover annually rather than monthly
- Take any steps you can to make the property more secure
- Get quotes from as many insurance providers as you can
Did you know?
You can cover any type of new build property, whether it’s a flat, house, cottage or bungalow.Get New Build Home Insurance Quotes Now!
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New Build Insurance FAQs
How much will a new build insurance policy cost?
The cost of new build insurance will vary depending on a few key factors. The main ones being –
- The total value of the property
- Where it’s located
- The value of the contents
- The level of cover taken out
How long can the property be left unoccupied?
Once construction is complete on your new build, you’ll usually be covered for up to 30 days of the property being unoccupied with a standard home insurance policy. Any longer than this and you’ll need to get an unoccupied property insurance policy.
Can any type of new build property be covered?
Yes, any type of standard new build property can be covered with new build insurance. If there’s anything about the property that makes it higher risk though, you should inform your insurance provider of this.