Kieran O’Dwyer
For those who know their build will take a while, here are the long-term self-build insurance options in Ireland.
In this article we cover:
- Long-term self-build insurance options
- When you can extend your insurance policy
Q. I’m building in ROI and I know it will take me at least two years to build my house; what’s the maximum timeframe for me to take out self-build insurance?
I’m not taking out a mortgage and am worried that insurance could lapse. I know I can take out an 18 month policy plus an additional six months but is there ever a case for this to be further extended?
Kieran says: We can offer an initial 18-month policy. If you’re not finished, we can then offer a further 12 months or alternatively we can continually offer three-month policies until the work is completed. The three-month policy would be a little more expensive than a quarter of the 12 months policy.
The 18 months policy is only marginally dearer than the 12 months (and in some cases the same if the case falls within our minimum premium). The best thing to do is to get quotes from insurance brokers and see how they compare.
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