New Build Insurance

Many new homeowners are investing in new build homes. New build properties are ones that have been built in the last two years and have had no previous owners. They can come with the benefit of brand-new fittings, appliances, and sustainable energy and heating options. 

While new build homes often come with warranties that last up to 10 years, these will only cover issues that stem from the building work or the developer. Having home insurance for your new build offers protection from damage or loss to the building from events like fire and flooring. It can also protect your contents, so you have comprehensive financial support when things go wrong. 

From the moment you take responsibility for the property it is up to you to ensure that your new asset is financially protected. But it doesn’t need to be complicated. With Quotezone, we match you to a range of insurers who meet your needs. From here, you can compare policies and costs and choose the right home insurance for your newly built home.  

You can take out home, flat or apartment insurance as soon as you take legal responsibility for the home. This usually happens on completion of the sale when the property is complete.  

If you have a mortgage, your lender will typically require you to have building insurance in place at a minimum. This protects their loan to you and protects your investment as well. 

Do not leave it to the last minute though, give yourself time to thoroughly understand what coverage you need and to shop around for a good deal.  

The coverage included on your new build home insurance policy will depend on the type of insurance you choose. Generally speaking, it will insure you against damage or loss from: 

• Fire 
• Floods 
• Storms 
• Vandalism 
• Subsidence 
• Damage from surrounding trees 
• Collisions from vehicles  
• Burglary 

Several factors are used by insurers to indicate the risk of insuring you. These are weighed up to give the cost of insuring a new build. These include: 

• Location – Homes in high flood-risk or high crime areas may cost more to insure. 
• Property value and size – The larger the home the more it could cost to rebuild. This is something the insurer needs to cover, so higher rebuild costs can mean higher premiums.  
• Security features – These can deter thieves and vandals, so you could be less likely to make a claim and insurers could reward this.  
• Construction materials – More expensive or difficult to source materials can sometimes lead to higher premiums. This is because of the increased rebuild cost the insurer covers.  
• Your claims history – A long no-claims history can show that you are a lower risk to insure. Unfortunately, this could work against you if you are taking out home insurance for the first time.  

When comparing policies, consider the following: 

1. Excess levels – This is the amount you agree to cover in the event of a claim. Choosing a higher excess on your policy could mean lower premiums. But you’ll need to be able to cover the cost when it comes to claiming. Be aware that insurers can include mandatory excesses alongside your voluntary excess. 
2. Add-on coverages – Look for optional add-ons for more tailored protection. These can come at additional costs but could be worth it if you want peace of mind from a certain risk.  
3. Coverage limits and exclusions – All home insurance comes with some exclusions. It’s important to check the details of these so you are clear on what they are, and if they align with your needs. 

Additional tips – If you have not committed to your home yet, you might want to check out these 10 red flags to look out for when viewing a house. These can help you avoid issues that could lead to big bills down the line.