22 Oct Renovations and home insurance – Knock on your insurers door before knocking down a wall.
When renovations are finally completed, it can be a wonderful relief and all of the effort and disruption certainly seems worth it. However, when your home is in the process of undergoing renovations, it can be nothing short of a massive pain. But the only thing that can make the already-nightmarish experience of renovations even worse is having something go wrong and finding out that your home insurance is inadequate.
Before you begin any kind of renovations — be it the installation of a brand new kitchen or giving your bathroom a much-needed facelift, for example — it is of the utmost importance that you notify the provider through which you have home insurance.
Where renovations are concerned, there are also some key builder’s insurance considerations — regardless of whether you are employing a builder to carry out the renovations or whether you are conducting the renovations yourself as an owner builder.
Let’s have a look at these issues in further detail.
Renovations and home insurance
Assuming that any home insurance policy you have will automatically cover renovations can be a dangerous assumption to make. A great deal of home insurance policies are based on what is termed “regular usage” of the property and, therefore, renovations would fall outside that definition and wouldn’t be covered as part of your home insurance policy. This isn’t typically the case, but it’s incredibly important that you know whether or not your home insurance policy will cover the renovations you plan to undertake at all, let alone whether it will be sufficient to cover the volume of the renovations.