We have purchased a property which we need to renovate before moving in. It is structurally sound,we are knocking walls and extending etc. A builder will be doing the work. When trying to secure insurance to satisfy mortgage requirements,we have been met with a wall of refusals. I am sure that there must be some company taking care of this market. All help appreciated.
You will need a building under course of construction policy, which will cover the building whilst the work is being carried out. Cover is usually limited to fire & liability cover and converted to a comprehensive policy once the work is done. You may also need a self build liability policy if you are doing the work by direct labour (if you are employing a contractor then this shouldn't be necessary).
We deal with an insurer that offer's cover for the property during a renovation (on a case by case basis) and will also offer liability cover for any contractors you may employ to do the work.
Try www.finsure.ie they were the only ones I found who even seemed to understand what I was talking about! Cost almost €900 p.a. but well worth the peace of mind.