Status: Research phase
Priority: HIGH - Required before Phase 1
Proper insurance coverage is critical for the renovation project. Standard vacant property insurance does NOT cover damage during renovation work.
Coverage:
- Property structure
- Fire, theft, vandalism
- Liability for property condition
CRITICAL LIMITATION:
⚠️ Excludes damage caused by renovation work
What This Means:
- If contractor damages something, not covered
- If renovation causes issue, not covered
- Only covers incidents unrelated to work
- Inadequate for renovation period
During Renovation:
- Damage caused by contractors
- Damage during construction work
- Materials and equipment on site
- Work in progress
- Accidental damage during renovation
- Public liability for contractors
Estimated: €2,000-4,000 annually
Duration: Throughout renovation period
Required: Before Phase 1 work begins
Should cover:
- Full renovation cost
- Materials value
- Property value
- Liability coverage
Recommend: €100,000-150,000 coverage
Each contractor must have:
- Public liability insurance
- Employer's liability insurance
- Professional indemnity insurance
Verify:
- Current insurance certificates
- Adequate coverage amounts
- Coverage includes your project
- Insurance in force during work
Do NOT:
- Accept expired certificates
- Start work without verification
- Assume contractors are insured
Public Liability: €6.5 million minimum
Employer's Liability: €13 million minimum
Professional Indemnity: Varies by trade
Contract Works Insurance (You):
- Overall project coverage
- Property damage during work
- Materials and equipment
- Gap coverage
Contractors' Insurance (Them):
- Their work quality
- Their employees
- Third-party damage
- Professional liability
Important:
- Both insurances needed
- Not either/or situation
- Provides comprehensive protection
- Required by grant program
May Require:
- Proof of adequate insurance
- Contract Works insurance in place
- Contractor insurance certificates
- Coverage throughout project
Check with Vacant Homes Officer:
- Specific insurance requirements
- Documentation needed
- Timing of insurance activation
- Coverage amount requirements
-
Property Valuation:
- Get current property value
- Estimate renovation value
- Calculate total coverage needed
-
Get Quotes:
- Specialist renovation insurers
- Compare coverage and costs
- Check policy exclusions
- Understand deductibles
-
Policy Details:
- Start date (before work begins)
- Duration (through completion)
- Coverage amount adequate
- All work types covered
- Multiple contractors allowed
-
Activation:
- Purchase before Phase 1 starts
- Provide proof to contractors
- Provide proof for grant program
- Keep certificate accessible
Essential Questions:
- Does policy cover all planned renovation work?
- Are electrical, plumbing, structural work covered?
- What's the deductible?
- Any exclusions we should know about?
- Does it cover multiple contractors?
- What documentation is required for claims?
- How long does policy last?
- Can it be extended if work runs long?
Annual Cost: €2,000-4,000
Funding:
- Not covered by grants
- Self-funded expense
- Essential project cost
- Cannot skip
Duration:
- Phase 1: 10-12 weeks minimum
- May need full year coverage
- Consider project delays
- Buffer time advisable
Why It's Worth It:
- Protects €50,000-70,000 investment
- Required for peace of mind
- Enables work to proceed
- May be grant requirement
- Protects against catastrophic loss
Without Insurance:
- Risk total loss of investment
- Contractor damage unrecoverable
- Grant program may reject
- Personal liability exposure
- Cannot proceed safely
Maintain:
- Contract Works insurance policy
- Certificate of insurance
- All contractor insurance certificates
- Correspondence with insurers
- Claim forms (if needed)
- Premium payment records
For Grant:
- May need proof of insurance
- Keep readily accessible
- Update as policies renew
After Completion:
- Cancel Contract Works insurance
- Activate standard home insurance
- Verify proper coverage
- Update property value
- Document improvements
Consider:
- Increased coverage for renovations
- Building replacement value
- Contents insurance
- Ongoing liability coverage
Immediate:
Before Work Starts:
During Renovation:
Research:
- FBD Insurance
- Allianz
- AXA
- Zurich
- Local brokers specializing in renovation
Comparison:
- Coverage amounts
- Policy exclusions
- Deductibles
- Cost
- Claims process
- Customer reviews
Last updated: December 18, 2024