Extending or renovating your home

Rachel Ewing, Sales and Development Manager, Stackhouse Poland, shares some helpful advice for those contemplating renovation works on their property.

With spring around the corner, you may be thinking of extending or renovating your home. If you are planning major building works at your property, you need to consider the implications from an insurance perspective.

Before any works begin, you need to inform your insurance broker of your plans. Most policies state within their wording that you need to inform your insurer should you enter into any works. Without doing so, your policy may be invalid in the event of a claim.

You also need to ensure you have the right insurance cover in place for the duration of the renovation project – don’t rely solely on your builder’s or contractor’s insurance. Depending on the contract you have signed, you may be liable for insuring the building works yourself or in joint names. By insuring the works yourself, you will avoid potential gaps in cover and grey areas.

If you are going to leave the property whilst the work is taking place then make sure your insurance broker is aware of this. Most insurers avoid covering properties whilst they are unoccupied, or apply major exclusions to the insurance cover, so your broker will need to find the right cover for you.

What insurance cover should you take out?

  • Buildings Insurance – an insurance policy that covers the financial cost of repairing damage to the physical structure of a property in the event of damage or loss.
  • Contractors All Risk Insurance – a non-standard insurance policy that insures the materials, fixtures and fittings used in the course of the building works at the home.
  • Public Liability Insurance – public liability insurance covers the cost of legal action and compensation claims made if a third party is injured or their property suffers damage.

Other insurance to consider

  • Non-Negligence Insurance – if your building project includes work on a basement then this policy protects against expenses, liability, loss, claim or proceedings which may be sustained by reason of injury or damage to any property caused by subsidence, heave, collapse, vibration, removal or weakening of support or lowering of ground water arising out of the building works.

All these insurances can be covered within one policy. During the works, you can actually obtain an All-Risks buildings policy, which will offer you the best coverage possible. A specialist insurance broker will be able to provide you with accurate advice and obtain the best policy terms available.

Download extending or renovating your home as a PDF.

 

Talk to us

For advice on insuring your renovation project, please speak to your Stackhouse Poland representative. Call us on 0330 660 0401, fill in our ‘Contact Us’ form or email us at privateclients@stackhouse.co.uk