Self-Build Insurance

DEFINITION of 'Self-Build Insurance'

An insurance policy that provides coverage during the construction of a new home, additional structure, renovation or conversion. Self-build insurance provides financial compensation for setbacks and problems that may occur during the project, such as contractor disputes, accident, injury, death, theft, arson, vandalism and project delays. If the project is being financed with a loan, the lender may require the borrower to purchase self-build insurance.


BREAKING DOWN 'Self-Build Insurance'

In addition to covering the project itself, this insurance often covers materials related to the project. It may also provide legal coverage to the insured in the event of a lawsuit related to the project.

This term is primarily used in the United Kingdom and Ireland. In the United States, this product is known primarily as builder's risk insurance.

RELATED TERMS
  1. Advance Loss Of Profit (ALOP) Insurance

    An insurance policy that provides coverage for financial losses ...
  2. Personal Lines Insurance

    Property and casualty insurance products for individuals that ...
  3. Assigned Risk

    A risk that an insurance company is required to provide coverage ...
  4. Broad Form Personal Theft Insurance

    Insurance coverage to protect personal assets. Broad form personal ...
  5. Cover Note

    A temporary document issued by an insurance company that provides ...
  6. Umbrella Insurance Policy

    Extra liability insurance coverage that goes beyond the limits ...
Related Articles
  1. Personal Finance

    Insurance Coverage: A Business Necessity

    Don't go to work without this policy in place - especially if your work is in your home.
  2. Trading

    For Top-Notch Insurance Coverage, Compare Quotes

    Find out how to use and compare policy options to get the best coverage at the best price.
  3. Personal Finance

    5 Insurance Policies Everyone Should Have

    Insurance policies come in a wide variety of shapes and sizes. Shop carefully and the right policies will go a long way towards helping you protect your assets.
  4. Personal Finance

    Understanding Your Insurance Contract

    Learn how to read one of the most important documents you own.
  5. Personal Finance

    Exploring Advanced Insurance Contract Fundamentals

    Understanding your contract can help you protect our family's financial security.
  6. Personal Finance

    How Much Homeowners Insurance Should You Carry?

    This breakdown of coverage into its component parts will provide the answer.
  7. Personal Finance

    What Happens If Your Insurance Company Goes Bankrupt?

    When insurance companies go bankrupt or face financial difficulty, it's bad news for policy holders.
  8. Personal Finance

    4 Reasons Why Waiting To Buy Life Insurance Is a Bad Idea

    Understand the benefits of applying for and securing life insurance coverage while you are young and healthy, and learn the cost of waiting to get coverage.
  9. Personal Finance

    The History Of Insurance In America

    Insurance was a latecomer to the American landscape, largely due to the country's unknown risks.
  10. Managing Wealth

    Getting A Mortgage When Building Your Own Home

    It's much harder to get a loan when you're building a home, not moving into one. Here's where to look and what to expect.
RELATED FAQS
  1. What are some examples of industries that practice price discrimination?

    Understand the various types of insurance coverage offered in the insurance marketplace, and learn why each policy should ... Read Answer >>
  2. What is the average return on total revenue for the insurance sector?

    Learn about the three main segments of the insurance industry, and find out what the average return on revenues is for the ... Read Answer >>
  3. Can your insurance company cancel your policy without notice?

    Learn about your rights as an insured when it comes to your insurance policy being canceled, including how to access your ... Read Answer >>
  4. What are examples of the largest companies in the insurance sector?

    Read about some of the largest and most influential companies in the insurance sector, a list that includes Berkshire Hathaway ... Read Answer >>
  5. What are some examples of when insurance bundling is a bad idea?

    Learn about situations where insurance bundling may not be a favorable option. Bundling insurance is often a good idea, but ... Read Answer >>
  6. What is the difference between the death benefit and cash value of an insurance policy?

    Understand the difference between the various components of a life insurance policy including the death benefit and a policy's ... Read Answer >>
Trading Center