Will home improvements affect my home insurance?
Compared to 10 years ago, the number of people who moved house in 2017 more than halved. So, if you’re one of an increasing number of people staying put to renovate your kitchen or improve your living space, you should probably check you have the right home insurance cover in place.
Compared to 10 years ago, the number of people who moved house in 2017 more than halved. So, if you’re one of an increasing number of people staying put to renovate your kitchen or improve your living space, you should probably check you have the right home insurance cover in place.
What can I do to make sure I’m covered while I make home improvements?
First, you should tell your insurance provider. Depending on the work taking place there might be different restrictions placed on your cover. Your insurance provider may say no changes are needed and be happy for you to proceed, but it’s worth checking to be sure.
You could also consider accidental damage insurance. It could protect you financially if something you do damages your building or contents. If your sofa was damaged, your TV fell off the wall or you accidentally put your foot through the ceiling, accidental damage is the cover you’d need to be able to make a claim.
If you’re planning to leave your property for more than 30 days while work is going on, again you need to tell your insurance provider. There may impose terms on your policy due to the unoccupied period.
Finally, legal cover can be a benefit if you have problems with a construction company completing the job. If the company was to go bust after failing to complete the work, legal cover could help you reclaim any money you’ve invested.
It’s also worth bearing in mind that poor or faulty workmanship isn’t usually covered under a home insurance policy. Make sure you do your research and get a reputable and reliable tradesman to do the work for you.
When should I tell my insurance provider that I’m carrying out work?
Tell your insurance provider if you’re doing any improvements, building, excavation or alteration before you start the work. They’ll likely want to know the fine detail so they can assess the risk to the property and the potential extra value that could be added once the work is completed.
With more minor work, you might still check with your provider to be on the safe side, but if you’re just adding a lick of paint to a room you won’t need to tell your insurance provider.
Will my home insurance premium go up?
Naturally, if your house increases in value due to the renovations taking place and would cost more to rebuild in the event of a claim, then your premium might increase depending on the policy you have.
If your provider won’t cover you or your premium shoots up, then you can compare quotes through Compare the Market to look for a good deal while the building work is taking place.
How can I compare and save on home insurance?
If you’re looking for a home insurance policy to cover your home improvements, you can search for the level of cover that’s most suitable for you and compare quotes from a variety of providers. We’ll show you a range of policies from our panel of home insurance providers so you can find a policy that’s right for you.
