Renovating with Confidence

When renovating, people often forget to review their insurance needs. This could leave homeowners exposed to financial losses should disaster strike. Before conducting renovation work, reviewing your home insurance policy is critical to ensure you’re covered.

Notify your home insurer of your impending renovations well in advance and let them know the following information:

  • The time scale for the work, including a start and end date
  • The cost of the project
  • A thorough outline of the project

Your home insurance provider can tell you whether your current policy is sufficient for the work you have planned. While smaller do-it-yourself projects may be covered, larger work increases the chances of something going wrong, so they could require a specialist policy. Specifically, if you’re doing structural work, you may need renovation insurance.

While policies vary, a typical renovation insurance policy includes the following:

  • Personal accident cover, if you’re injured during renovation works
  • Unoccupied property insurance, if you’re not living in the property for more than 30 days
  • Public liability cover in case a third party is injured in the course of the building works
  • Legal expenses cover

Additionally, always review any building contractor’s insurance documentation—including public liability insurance—before engaging with their services.

After renovating:

Ensuring your homes rebuild value is up to date is crucial to ensure your investment and financial stability is protected if the worst was to happen. If your rebuild value is underestimated, you may not have enough insurance coverage to rebuild your home in the case of unexpected disaster, leaving you to cover the difference between the insurance payout and actual rebuilding costs. Reviewing your homes rebuild value is more important than ever after home improvements and renovations so ensure you contact your broker after renovating.

Home renovations are exciting opportunities to enhance your living space, but they also come with insurance implications that should not be ignored. By communicating with your insurance provider and considering appropriate insurance options, you can protect your investment and enjoy the results of your hard work with peace of mind.

Remember to consult with your insurance provider for specific guidance tailored to your situation. Having the right insurance coverage in place during and after renovating is a crucial part in protecting you and your asset.