24th August 2022
If you’re planning on renovating your house, then renovation insurance is a must! Along with most other insurance types being more commonplace, this type must also be understood well.
Most homeowners find it difficult to fit this into the budget. However, once you know how important it is and what all it can help you with, you will surely not want to miss out on it. Renovation insurance can increase the property’s value and can also help you remain protected in case things don’t go according to plan.
Renovation insurance- what it entails
It is a policy that covers all risks associated with home renovations. It provides protection against damage when your house is being built and when major renovations are taking place. It also provides coverage for injuries that happen during the process.
Difference between renovation insurance and standard insurance
A standard insurance policy does not provide coverage against any additional risks. Also, it has certain limits in place as well. So if you plan on getting some extensive home renovations or a house extension in London this is the policy you need to keep yourself and your house protected.
What does this policy cover?
The coverage provided differs from policy to policy. Broadly speaking, here are the few things you should get cover for:
• New building damage
• Damage to the existing structure due to unforeseen happenings, like a fire or flooding
• Injuries during work processes like landslips or subsidence
• Death during work processes at the site
• Property protection if left unattended
• Theft of personal items at the property
• Damage to other next-door properties due to renovation
Do I need renovation insurance?
To some, this may seem like an extra expenditure they have to incur without any dire need to. But better safe than sorry, right? Insurance can protect you if the property gets damaged during renovation or someone gets hurt while working at the property.
If you plan on getting some small home improvements, like just replacing your old kitchen with a new one, it would be helpful to get in touch with your insurance provider to be sure what all your standard insurance policy covers. You can let them know what work you’re doing in your home, and they can guide you better about what coverage you need or whether you are already covered.
However, for bigger renovations like those of loft conversions in London, you might need a separate renovation insurance policy to help you remain protected. Brooke Crisp, a renovation insurance expert, says that you’re not bound to have renovation insurance.
Nonetheless, it is always a great idea to buy one. It helps keep you protected if things don’t work out your way or if there are damages to the property. Crisp talks about how you’re not obliged legally to have renovation insurance. However, he always advises all of his clients to get this policy since it helps protect against many damages.
Now we come to the real concern: the cost. The cost depends on several factors. These are the project length, the approximate costs, the scope of work, and the estimated value of the property. Your insurer can better evaluate what you want after looking at things closely.
Provide your insurer with great detail to get an accurate insurance cost. Many insurers prefer being notified about such projects at least thirty days before they begin. In many cases, the project’s complexity might mean that it takes much longer to get that insurance policy you are looking for.
Comparing renovation insurance
You will obviously want to get the best possible quote. For that, you can try getting home renovation insurance quotes from multiple insurance providers. But when comparing, don’t just compare their price points, but also look at what all is included in the policy and whether or not it is giving you the desired coverage.
Before you make a decision, you should have all details about the timeframes and the materials used. You should also be more aware of the special terms, limits, and conditions that apply to your renovation insurance. This way, you will have more peace knowing what you are getting into.
Buying renovation insurance
There are several renovation insurance companies or brokers. Some of them include:
• Home Protect
• A Plan
• Renovation Plan
When looking for an insurance provider, make sure it is well reputed. The ideal one for you is where you have all information you need. Make sure to speak to an agent and get answers to all questions you may have before you choose to buy a home renovation policy for yourself.
Policy changes after completion
Many insurance providers offer coverage even after work completion – this differs from provider to provider. So, before you buy a policy, you must be fully aware of what it includes and doesn’t.
For example, suppose your insurance provider does not give coverage after project completion. In that case, you need to switch to a standard building and home content insurance policy, depending on the type of coverage you need.
Ready to transform your home via extending at the back or adding spacious loft? Would like to have a FREE no obligation quote? Capital Loft Conversions Ltd are the industry experts, specialising in designing and installation of custom and high quality loft conversions and house extensions across London and the M25.