Do I need renovation insurance? If you are making structural changes to your home then you probably do. Regardless of what you are doing to your home, it is a good idea to inform your insurer regardless to make sure you are covered.
They may say that you need specialist home renovation insurance. In that case Emerald Life can help. Call us today to discuss your requirements as we can provide home renovation insurance for a wide array of circumstances.
Home renovation insurance UK means you are covered despite the additional risks of the renovation work.
Once you have informed your insurer about your renovation they may refuse to cover it, increase your premium or introduce certain exclusions such as damage to the structure of the building.
With a home renovation insurance specialist you can be sure you have the right cover for your situation.
What Are The Risks?
There is naturally an increased risk to the property when it undergoes a renovation. That includes both the building and the contents.
Workers coming and going, doors and windows open and walls removed all leave plenty of opportunities for theft. Plus a renovated property obviously stands out. In the case of a large renovation the home may also be unoccupied for a long period of time.
Then of course there is the actual work being undertaken. Even the best professionals can cause accidents. Structural damage could be very expensive to fix. Fires and floods are also a risk.
These are just some of the reasons your standard insurer may not cover your renovation.
How Do I Get Home Renovation Insurance UK?
You will need to know the total cost your renovations are expected to cover. Works under £25,000 can be covered very easily at no additional premium and you can get a quote online.
For works costing more than £25,000 please call us now for a quote.
From £25,000 to £35,000 there is a 10% increase on the premium and 15% for £35,000 to £50,000.
Renovations costing more than £50,000 we can cover but we will have to refer to our underwriters for approval and to find out if we have any additional requirements.
We may also require a Scope of Works in order to be able to provide cover from the date works begin. This can often be received after purchasing the insurance but will be required for cover to be valid.
Your contractor should be able to provide a Scope of Works that contains the deliverables of the project as well as a timeframe.
Once you have received a quote you should also check the exclusions and endorsements. For instance, some renovation insurance policies include endorsements requiring the removal of waste by skip at least weekly.
Home renovation insurance also frequently excludes damage by weather conditions depending on the nature of the works.
That is because an insurer won’t want to carry the risk of storm damage if, for instance, your roof is being remodeled.