Home insurance for renovations and building works
In recent years the nationwide shortage of housing has pushed property prices through the roof and taken the shine off the market. Unable to climb the property ladder homeowners are making the most out of what they have already got by renovating, converting and extending. It’s a smart financial move providing your property is protected and that means making sure you’ve got the right insurance.
Homeowners are often unaware that standard home insurance doesn’t provide cover for building works. However, if you think about it; it makes sense. Calculating insurance premiums is all about calculating risk and if you are having building work done the risks are significantly greater. Sadly for some homeowners they only find out when it’s too late.
If you are knocking-down walls or ripping-up floors the risks of causing structural damage are obvious. However, a flood caused by a burst pipe or an electrical fire caused by wonky wiring can cause just as much damage.
There’s also an increased risk of theft as building materials and expensive tools make tempting targets for thieves. Your tradesman might not be as security conscious as you would like: spare keys can go missing, doors can be accidentally left unlocked and scaffolding can provide easy access to upstairs windows.
Homeowners owe a duty of care to the public and if anyone is injured while visiting a property (by a falling roof tile or tripping over debris) they could be held legally responsible. As everybody knows lawyers don’t come cheap and court costs can quickly add-up.
Due to the risks involved most insurers won’t go anywhere near properties that are being renovated, but at Quoteline Direct we like to do things differently. As one of the country’s leading brokers we have access to a panel of providers specialising in insurance for homes that are being renovated or extended. We can provide competitive cover for all building works from: kitchens and bathrooms to much grander designs, and all types of property from: listed buildings to city-centre apartments.
For homeowners and developers who want to escape the building dust and rubble we can also arrange cover for unoccupied properties, typically defined as those empty for more than 30 days.
It’s also worth remembering that buildings works are likely to increase the value of your property and you may need to increase the level of insurance cover once the work has been completed.