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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.
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Investopedia explains '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.
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