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What is Renovation Insurance?

If you are renovating or extending your current home, then your home insurer will most likely reduce cover or remove it completely. You may need a specialist works insurance policy that will cover the existing home, building works, all the materials and property owners’ liability.

Why should you consider renovation and extension insurance?

  • Things might go wrong during the building works as your house may be structurally unstable, exposed to the elements or more vulnerable to theft.
  • Your current home insurance policy will not give you the protection you need if any.
  • Stay in control of the process and don’t rely on the builder’s policy which will leave you with gaps in coverage.
  • Protect your investment. If something goes wrong with the building works, you want it rectified immediately and the funds released to rectify any damage.

Most popular policy benefits:

  • One insurance policy for your home and your building works.
  • Your existing structure is insured against loss and damage.
  • The building works are covered if they are damaged, for example, by an escape of water or fire.
  • Property owners’ liability insured during the construction period e.g. a roof tile falls and hits a passer-by.
  • Materials you supply to the contractor insured in transit to and from your home.
  • Offsite storage up to £100,000. For example, kitchen and bathroom units, flooring, carpets, and curtains.

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My builder says he has insurance for the project. Will this cover me as well?

Not adequately. Your builder’s policy will not cover your existing structure and it will not be able to provide cover for specific perils such as flood, storm or subsidence.

A Builder’s insurance policy may well have exclusions and limits which will compromise the safety of your property. A classic scenario is an application of heat (using a blowtorch) exclusion, which means that if a fire were to break out because of the building works, e.g. a rear extension, then the cost to repair this damage would be excluded. You would have to foot the bill and then undertake costly and potentially lengthy legal proceedings against the builder, meanwhile your renovation work is put on hold and additional costs start to escalate.

I still don’t understand. What shall I do?

Don’t worry! This can be a complex and confusing area of insurance. Pick up the telephone and give us a call. You may feel unloved and deserted by your current home insurer but we are here to make sure your project and your property is insured correctly.

We can talk you through your options so you have the right level of cover in place for the duration of your home renovation.