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Got the builders in? Then make sure your home is adequately insured says Confused.com
Monday, 17 Mar 2008 12:22
A leading insurance comparison website is warning homeowners not to accidentally invalidate their home insurance whilst carrying out building work to the property.
Confused.com is urging people to notify their home insurance provider of any planned onsite works to ensure that adequate buildings and contents cover is in place for the duration.
Additionally, if the works involve an extension to the property, a permanent upgrade to the buildings insurance will be required to cover the extra floorspace and value.
Reasons to keep your insurance company updated:
- Structural Changes
If an extension or modification involves works to a load-bearing wall, this could mean an increased risk to the property and the people inside. Failure to inform the insurer of any structural changes could invalidate any future claims, and the cost of making good could fall to the homeowner.
To illustrate just how common an oversight this is, a recent survey by Halifax found that 51% of homeowners who had removed an internal wall in the previous five years, failed to notify their provider.
- Home Security
If external walls, windows or doors are removed during any building works, your home will obviously be more vulnerable to burglary. Therefore, it's important to contact your home insurance provider to find out whether you’ll still be covered during this period. Different insurers may have different rules in this regard, so you may have short-term restrictions placed on your cover or your premiums may temporarily rise.
Also, if an extension features new doorways and windows, you should provide your home insurance company with details of the increased accessibility, plus particulars of the types of locks, security measures in place etc.
- Extra Cover
Whether you’ve extended the kitchen, built a conservatory or added a whole new wing to your home, don’t forget to upgrade your buildings insurance to cover the increased rebuild cost. If you’re unsure of the cost, get a quote from a surveyor or gauge a rough idea by using a rebuild calculator. Increasing buildings cover is vital because in the event of any claim the insurance company will only pay out on the part of your house that is actually covered.
Basically, it’s in a homeowner’s interest to make sure their property remains adequately covered during and after any home improvements – it’s the best way to avoid being lumbered with a hefty bill should property damage or a break-in occur.
One last thing…
It’s not just your insurance you need to check, if you’re getting builders in to do the work, check that they have adequate ‘public liability’ insurance. This will cover accidental damage the builders may cause to your home, your neighbour’s property or the street outside.