Significant home renovations projects such as refurbishment or new extensions are often time-consuming, expensive and stressful, with any number of contractors and tasks to organise. It’s little wonder then that one very important consideration – insurance coverage during the project – is easily overlooked. As with all buildings and contents insurance policies, the onus is on the homeowner to inform their insurer of changes to the property, including any significant work that is being carried out, with failure to do so potentially resulting in your home and valuables not being effectively insured throughout the duration of the project.
In particular, there are some key areas of risk to consider during any home renovation or refurbishment:
All Risks Policies That Cover Rebuilding Costs
Firstly, you should ask your insurer about coverage for your existing structure on an all risks basis. This will ensure that the full cost of reinstatement, repair or replacement is covered throughout any building works. So, if something significant goes wrong during the course of the renovation, and the building’s structure is damaged in any way, your all risks policy will cover any rebuilding costs.
How to Protect Against Fire Damage During Home Renovations
Contract works cover is also worth considering on an all risks basis. This type of policy covers any incidents that may occur whilst work is in progress. For example, if you are adding an extension to your property, and a fire destroys some or all of the building before completion, contracts work cover will pay to repair or redo the works already undertaken.
Making Changes to Your Home, Contents and Valuables Insurance
It is essential that home contents and valuables are adequately provided for during the home renovations, as well as any furniture or household goods which are not ‘fixed’ in place. Whilst these items will most likely be covered under any existing policy, the building works will add extra levels of risk which must be accounted for to protect your home. If you have decided to store items offsite during the renovations, you’ll need to advise your insurer of this too, to maintain adequate coverage.
Keeping Your Insurer Updated When Living Offsite
For many homeowners, it is not feasible to remain in the property during the building works, be it for safety or logistical reasons. If this is the case, you will be required to inform your insurer that you are not currently residing in the property to maintain full coverage for both your home and contents – including those items which you have taken with you.
Stay Protected with a Joint Names Policy
Your insurer may suggest a joint names policy, a particularly common request for building contracts involving renovations or extensions. Typically, this means that the property owner is entitled to the proceeds of any claim which they would not be entitled to if the works cover were in the contractor’s name alone. Not only does this protect the homeowner’s position during any dispute but could offer protection in the event of insolvency of the contractor.
We’re Here to Help You
Additional insurance cover such as the policies described here may need to remain in place throughout the home renovation project, but either way, we strongly recommend keeping your building insurance provider updated with the contract duration, leaving room for flexibility in the project timescale. Regardless of the type and scale of the project, you should always consult a building insurance expert before making any changes to your property or policy. At Robison, our team have significant experience in identifying specialist policies that can ensure you, your property and your valuables are adequately protected during any home renovation.
Robison is an experienced insurance broker based in Petersfield, providing advice and services to businesses and individuals within Hampshire and the surrounding areas. Our highly trained staff are on hand to offer support and guidance, benefiting from a wealth of experience working with businesses across a vast range of industries. In addition, we work closely with individuals to protect their families and property for years to come. From Construction and Manufacturing to Retail and Printing, or Travel to Fine Art, our team can offer tailored advice and services no matter your requirements.