How do home improvements affect home insurance costs?
Home improvements may have an effect on the valuation of your property, therefore changes that you make could have an impact on the level of cover you need to protect your home. Your home insurance policy is designed to cover the cost of damages to your home; so naturally if your house increases in value and it would cost more to rebuild in the event of a claim then you need to make sure your sum insured is sufficient to cover the additional rebuild costs. It would be a good idea to account for this additional expense in advance of conducting the work so there aren’t any surprises once the work is completed.
Do you need accidental damage cover on your home insurance?
Accidental damage is a great way to ensure that you are protected if anything goes wrong. Whilst you may be great with a hammer and nails, are you confident that you can cover the cost of any damage you cause? Accidental damage cover can help relieve that financial pressure, ensuring that you are protected for the worst case scenario.
Whilst you don’t necessarily need to have accidental damage insurance, it makes a lot of sense to invest in such cover – especially if you are looking to make home improvements.