If you’re carrying out extensive renovations, it’s worth thinking about your Home Buildings and Contents insurance. Adam Nanson, Managing Director at Your Mortgage Expert talks about why this can be so crucial in our March Insurance Update.
Will my Buildings and Contents Insurance cover me for renovating work?
“Carrying out home improvements can be an exciting time. But before you start anything substantial, such as an extension, building work or a new kitchen, its essential to check whether your home insurance would cover you for any accidents. Accidents can happen, especially with structural work and it’s vital that you check your level of cover before you start.
“Whether you are covered will depend on your policy and whether you have taken out accidental damage cover. If you have taken out accidental damage cover on your policy, most insurers will cover you for accidents that happen during redecorating or DIY. If you want to make structural changes or need to erect scaffolding for example then you might not be covered.
“To make sure your property stays protected, we would recommend you contact your provider before you get started with the project. You should let them know about your project and find out if your home will still be covered.”
Do I need to tell my insurer once I’ve completed my renovation?
“According to latest research, around 80% of properties are underinsured*. Underinsurance can happen when insurance customers are asked how much cover they think they need, or the rebuild cost of their property, but get it incorrect resulting in an undervaluation.
“So if you carry out renovation work which has increased the value of your house, it’s worth letting your insurance provider know. Extensions and other structural changes are highly likely to result in your property being worth more and you don’t want to be underinsured.”
At Your Mortgage Expert, we can help you with your Buildings and Contents Insurance. We know which providers offer the most suitable levels of cover for an affordable price. We can also help with Landlords insurance. And, as an impartial broker, we can advise from across the market and aren’t limited to one insurance company.
If you have reading anything in our March Insurance Update and have any questions, please do not hesitate to get in contact. You can fill out a contact us form on our website or call us on 01722 322683.
Source: https://www.thisismoney.co.uk/money/bills/article-11803003/How-tell-home-underinsured.html
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