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Renovation insurance

Will building renovation affect my home insurance?

David McDermottroe
Written by  David McDermottroe
6 min read
Updated: 30 May 2024

If you’re spending time and money on renovating your home, you’ll want to ensure you have the right home insurance cover to keep you protected

Embarking on a home renovation project can be an exhilarating journey. It's a chance to transform your living space into the dream home you've always envisioned. Amidst the excitement of selecting stylish fixtures and visualising the end result, there's a crucial aspect that shouldn't be overlooked: home renovation insurance.

Before the first hammer swings, it's essential to understand the role of this insurance in safeguarding your renovation dreams.

What is home renovation insurance?

Home renovation insurance acts as a safety net for your property during significant renovations, such as demolishing walls or constructing new extensions. This type of insurance is tailored to protect your project from unforeseen mishaps that could include collapsed walls, fires, theft, or on-site injuries, all of which could significantly set back your renovation plans.

Restoring a house

Coverage essentials for your renovation

When your home is undergoing a transformation, it's exposed to a variety of risks. Home renovation insurance covers a broad spectrum of scenarios to keep your project on track:

  • Damage to building and contents: ensuring protection against incidents like fire and flooding

  • Subsidence or landslip: providing coverage as structural changes are made

  • Neighboring property harm: covering any damage that might occur to adjacent properties

  • Theft of building materials: securing your investment in tools and equipment

  • Loss or damage to personal possessions

  • Unoccupied property issues: addressing risks associated with the house being empty for extended periods

  • Public and employers’ liability: offering protection for any injuries that occur on the renovation site

  • Legal cover: assisting with potential disputes involving tradespeople or contractors

Post-renovation: time to compare

Once the dust settles and your renovation is complete, it's time to reassess your standard home insurance policy. It's crucial to compare different policies to ensure your newly renovated home is adequately protected and that you're getting the best deal for your specific needs.

Understanding policy exclusions

It's important to note that most standard home insurance policies exclude major renovation works due to the increased risks involved.

You may need to obtain separate cover for aspects such as accidental damage, theft of contents and materials, personal accidents, and legal cover for potential disputes with construction companies.

Consult your current home insurer

Before you dive into your renovation, it's imperative to check in with your current home insurer. Neglecting to inform them of your plans could invalidate your policy. Even minor alterations can have an impact on your coverage, so full transparency is key, especially if you own a listed building.

What insurers need to know

When discussing your renovation project with insurers, be prepared to answer questions that help them gauge the level of risk involved:

  • The total cost of the renovation

  • The expected duration of the work

  • Whether the property will be unoccupied during the renovation

  • Details about the builders or contractors, including their public liability insurance

Renovations and your insurance premium

Be aware that renovations can influence your insurance premiums. For instance, adding an extension could increase the premium due to the higher rebuild costs. If you find that your premiums have risen or your coverage is no longer sufficient, it's advisable to compare quotes, which can be done through platforms like MoneySuperMarket.

Comparing home insurance after renovation

After the renovation work is completed, it's beneficial to compare home insurance policies. While price is a significant factor, it's equally important to scrutinise what each policy covers and to understand the details within the fine print.

The final touch

Renovating your home can be a thrilling and transformative experience. It's a process that not only revamps your living space but also has the potential to increase your property's value. Remember that securing the right home renovation insurance is a vital step in protecting your investment.

While MoneySuperMarket may not currently offer this specific financial product, utilising our platform to compare home insurance policies post-renovation can lead you to the perfect policy that reflects your home's new value and features.

Your dream home deserves the right protection, and with the right information and resources, you can ensure it stays safeguarded for years to come.

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