Hi, My name is Brooke and in this video I’m going to talk about insurance for property renovations.
Renovating a property can have implications on your insurance policy. In this video we’re going to look at what you need to tell your insurance providers, and importantly, what you may not be covered for.
For simple decorating such as painting or putting up pictures or shelves and general cosmetic work undertaken by yourself or your family, you are unlikely to need to inform your insurance provider or have any concern about breaching any part of your policy.
One thing to consider though would be if your insurance policy includes accidental damage cover, as this is not always covered as standard.
Accidental damage would include cover for things like putting a nail into the wall which then burst a pipe, or if you were in the attic and accidentally put your foot through the ceiling, So whilst you’re not breaching the terms of your policy, you may not be covered for such events. Your policy documents should tell you what you’re covered for.
Basic renovations include fitting a new kitchen, plumbing work, lining a chimney or other non-intrusive work being done to the property and this would usually require hiring experts to do this for you.
However when you have professional tradesperson enter your home they should have liability insurance to cover any damage they cause. You should inform your insurer of their presence, however this should not affect your premium.
As with anyone invited to your property, it is unlikely you would be able to claim if there was a theft, as they are lawfully in your home.
Structural works include such things as extensions, roofing, work to load bearing or non load bearing walls and structural renovations.
If you’re having substantial structural work such as this there is a possibility cover could be restricted and you will certainly need to discuss the work with your insurance company.
For instance, if the work will leave the property unoccupied for 3 months or more you will likely need to arrange specialist unoccupied property insurance.
Rebuilding and site insurance
If you are building a house you will need a specific site insurance policy as opposed to a specialist property insurance policy. This is because a building site has a very different set of risks to a securely locked property.
Obviously the builders and tradesman will have their own insurance policies to cover the work they do but you may want to consider insurance to protect the work done so far – before the property is ready to inhabit.
For more information on any type of standard and non-standard property insurance search our site for more guides and videos or give one of our property advisors a call.