Building Insurance for New Build - under construction or not?

Scythe · 21 Mar 2020 at 20:08

Hi,

Im in the process of buying my first home, a new-build currently being constructed, and need to start looking at building insurance.

Building insurance quotes on typical comparison sites are asking if construction work is currently ongoing on the property. Selecting YES reminds the bulk of insurances companies and the price ramps up.

As it is a new build, we are covered by the NHBC warrantee and insurance for structural defects. I do not need my building insurance to cover for structural defects which may be assumed by the 'under construction' question.

What would you select for an insurance quote on a new build - is it classed as under construction or not?

Goksly · 21 Mar 2020 at 20:17

Iirc you only need insurance from the moment you own it. Which is when they give you the keys (i.e. construction complete). That was my dealing with RedRow.

tom_nieto · 21 Mar 2020 at 23:17

Unless it’s still under construction when you move in/take ownership, then you shouldn’t require that clause.

Presumably you wouldn’t complete on the purchase until it’s completely finished.

b0rn2sk8 · 21 Mar 2020 at 23:57

It shouldn’t be under construction at the point you exchange which is when you need insurance from.

Skillmister · 22 Mar 2020 at 08:36

b0rn2sk8 said:
It shouldn’t be under construction at the point you exchange which is when you need insurance from.

The majority of new builds are still under construction at the point of exchange. Completion is 'on notice' when it's built.