If you are planning to renovate your home, you might be wondering whether you need insurance for the project. After all, you already have home insurance, right? Well, the answer might not be so black and white. Depending on the type and scale of the renovation, your existing home insurance policy might not cover you adequately or at all. Here are some scenarios when you would and wouldn’t need additional cover for your home renovation.
When you don’t need additional cover
If your renovation project is minor and does not involve any structural changes, such as redecorating, painting, tiling or installing new flooring, you might not need additional cover. However, you should still inform your home insurer about the work, as it might affect the value of your home and contents. Some home insurance policies have a minor building works clause that allows you to undertake light works without affecting your cover, but it is always better to check with your insurer first.
When you do need additional cover
If your renovation project is major and involves structural changes, such as an extension, a loft conversion, a basement excavation or a kitchen refit, you may need additional cover. This is because your existing home insurance policy might not cover you for:Damage to your building and contents during renovations, including fire and flooding
* Subsidence or a landslip during the works
* Damage to neighbouring properties (caused by the renovations)
* Theft of building materials, tools and equipment
* Theft or damage of your personal possessions
* The property being unoccupied for more than 30 or 60 days
* Public and employers’ liability cover in case of injury during renovations
* Legal cover should you run into dispute with the tradespeople completing the work
These are some of the risks that can arise during a renovation project, and they can be costly and stressful to deal with. That’s why you should consider getting home renovation insurance to protect your property, your investment and yourself.
Won’t my construction company/builder cover the insurance?
While most reputable builders have their own insurance which will cover your home in the event of accidental damage, unfortunately this won’t cover you for all scenarios. Many include certain exclusions and limitations which could cause you problems if the damage you experience falls under these.
What is home renovation insurance?
Home renovation insurance is a type of insurance that covers you for the things that might go wrong while your building works are being carried out. It is designed to cover you from the start of the works through to completion. Home renovation insurance can be added to your existing home insurance policy or taken out as a separate policy.
Some home insurers offer cover for renovation projects up to a certain value as standard but other might not offer cover for renovation projects at all or only for very limited works. In that case, you might need to shop around for a specialist home renovation insurance provider.
How much does home renovation insurance cost?
The cost of home renovation insurance will depend on various factors, such as:
- The value of your property and contents
- The value and duration of the works
- The type and complexity of the works
- The level and quality of cover you need
- The insurer and policy you choose
To get an accurate quote for your home renovation insurance, you may wish to consult a professional insurance broker.
How to get home renovation insurance
To get home renovation insurance, you should follow these steps:
- Plan your renovation project in detail, including the budget, timeline and contractors involved.
- Contact your existing home insurer and inform them about the work. Ask them whether they can cover you for the project or if you need additional cover.
- If your existing insurer cannot cover you or if you are not happy with their offer, shop around for other providers and policies online. Compare different quotes and features to find the best deal for your needs.
- Choose a provider and policy that suits your needs and budget. Read the terms and conditions carefully before signing up.
- Keep your insurer updated throughout the project and inform them of any changes or delays.
- Once the work is completed, inform your insurer and adjust your cover accordingly.
Home renovation insurance is a type of insurance that covers you for the things that might go wrong while your building works are being carried out. It is designed to protect your property, your investment and yourself from the increased risks associated with a renovation project. Depending on the type and scale of the renovation, you might need additional cover or not. You should always inform your existing home insurer about the work and check whether they can cover you or if you need to look for another provider.
Do I need to tell my insurer once my home has been renovated?
It is vital to inform your insurer following any significant home renovation as the value of your home will have likely changed alone with the sums insured. If you don’t increase your home insurance to reflect these changes, you will most likely find that you are underinsured.
If you need help with anything, just get in touch with The Insurance Centre today for a no-obligation review of your current cover and a chat about your unique requirements. Get in touch on 01524 848506.
Back
