Home Renovation Insurance

Insurance for properties under renovation

Renovation insurance is essential for anyone planning refurbishment works to their house. However, many homeowners are unaware that they need to inform their insurer of upcoming changes before building work begins on the property. If you don’t, and something unfortunate happens, then it is possible that your insurers will not pay out in the event of a claim.

The level of cover that you need will inevitably depend on the amount of work and the type of refurbishment being undertaken.

Consider the following:

• Structure - What is changing and in what way?
• Time - When is work due to start and finish?
• Contractor - Are you or your family carrying out the work, or are you employing a professional?
• Contractor - Does the Builder have a Contractors All Risk policy?
• Contractor - Have you or are you considering signing a Joint Contracts Tribunal (JCT) contract?
• Cost - How much you are planning to spend (including VAT)?

Not making structural changes but need cover for maintenance and repair work? Find out more about DIY insurance.

Get the right level of cover

Structural changes, such as walls being demolished or extensions being built, will certainly need to be disclosed to your insurer. As well as this you should think of the implications of whether the home is occupied or vacant. If the property is empty before and during renovation, it is likely that the cover available will be restricted to only cover the main risks such as fire, lightning, earthquake, explosion and aircraft as the risk to the property can be substantially greater while building work is ongoing.

You should also check that the total suminsured covers the value of rebuilding your property, as well as the value of contents. Remember to also include any additional sum necessary to cover the renovated part of the house once work is completed.

Protecting people during your renovations

Make sure that your current policy includes public liability insurance, covering you if someone is injured at the empty property during building works. If it doesn’t, then you should perhaps consider taking out a policy which includes this with your home improvement protection. At HomeProtect, we include public liability insurance up to £5 million as standard.

Once your project is underway it’s also a good idea to keep your insurer fully informed of any developments concerning your empty property. This can be crucial in preventing delays if you need to make a claim.

It was a totally hassle free experience and over £200 cheaper than my previous insurer's new quote for exactly the same cover. Saturday, 01 August 2015