House under construction Insurance

Just wondering about the price for this, we are building a house valued at 240,000.
As a builder is building the house we assumed that his insurance would cover the building until he is finished with it but we have been informed by bank that we have to get out own insurance for this incase of fire/flood etc. BOI quoted just over E400.
Not many insurance companies seem to do this insurance- any one any other prices or ideas??
Thanks

footsteps said:

Just wondering about the price for this, we are building a house valued at 2400000.
As a builder is building the house we assumed that his insurance would cover the building until he is finished with it but we have been informed by bank that we have to get out own insurance for this incase of fire/flood etc. BOI quoted just over E400.
Not many insurance companies seem to do this insurance- any one any other prices or ideas??
Thanks

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Make sure its €2.4m rebuilding cost and not market value. €400 seems very reasonable considering the sum insured.

Axa do a house under construction policy. So do Hibernian but it's a self build policy (ie if you are hiring your own builders not using a contractor).
The builders insurance would cover liability if he makes a mistake or his employees are injured but wouldn't cover the build itself. Checked on our system (I'm a broker) and if you are in Dublin it should be about the 400 mark for fire storm and flood. Don't know of anywhere else that does it but try Axa directly.

FBD also do construction insurance - got such great service, that I have stuck with them for my house insurance.

Not affliated in any way with FBD

Eagle Star i believe also do it. Cant recall the rate. €400 sounds about right.

Well got quote from FDB E300 and would be insuring the house for 300,000! So I am finally coming round to idea that shopping around is def worth it!

The rate with Eagle Star is 1% on the sum insured plus goverment levy.
That is for fire only cover.

have you started construction? If you ahve you might find some of the underwriters won't insure. Hibernian fi need ti to be greenfield.

ailbhe said:

Axa do a house under construction policy. So do Hibernian but it's a self build policy (ie if you are hiring your own builders not using a contractor).

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Hibernian do a course of construction policy as well as a self build policy. Depending where in ireland you are you could have it for €200-300 (that's a guess, their system is off line at weekends so can't check it)