UIA Insurance News

Self-build homes on the rise, but need the right home insurance

It seems the recession has contributed to a rise in self-build homes in the UK ? and home insurance customers will need to be aware of the different insurance required.

Two of Britain's biggest home-construction firms, the Kier Group and Galliford Try Plc, announced significant growth in 2009, posting profits of £31.9 million and £13.2 million respectively.

Raymond Connor, chief executive of BuildStore, said current market conditions were resulting in more and more people deciding to build their own homes.

"With a low supply of quality homes and such good savings to be made right now in terms of land, labour rates and materials prices, there has never been a better time, or more affordable time, to build your own house," he said.

Moneysupermarket.com highlights the different issues to consider when purchasing insurance if you plan to build your house yourself.

It is important to be insured against the injury of anyone who is working on the construction and also to be covered against the loss or theft of any building materials on site or in transit.

By Penelope Fitzgerald

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