Home insurance is an important part of your overall insurance cover, especially when undertaking a house extension. You should always ensure you are covered by a policy that gives you the right level of cover. During an extension project, these risks increase sharply, both to your existing structure and the new parts of your building. Your normal home insurance policy may therefore not cover you if you are remodelling your property and carrying out works that introduce new hazards.
To make sure you are fully covered during your refurbishment, what you need is an extension insurance policy that will specifically cover issues that arise during the build.
Why Pay For Extra Extension Insurance?
Let’s start by explaining what extension insurance is, and what it is not. Extension insurance is a special policy that insures your home against all risks while an extension is being built. It does not insure your extension after it is completed – this will be covered under your (presumably updated) home insurance policy. Extension insurance policies are for a specific duration and can cover the complete property, including the existing structure and the extension during the course of being built.
Choosing The Right Cover
Choosing a suitable extension insurance policy is not always an easy task. Not all the big insurance providers offer them at all and you may find limited results when searching for extension cover on one of the comparison sites. Trying to source extension insurance through your existing supplier may throw up a dead-end, as the insurer may charge prohibitive premiums, or reduce your basic coverage on the existing structure to accommodate the new risks and most likely will exclude all cover for the extension whilst it’s being built. When undertaking an extension it is good to eliminate as many grey areas as possible – if just for your own peace of mind.
Choosing the right policy therefore begins with understanding what is covered in each package. Make sure you obtain all the relevant information from your insurance broker and read extensively about the policies, including any exclusions and limited liabilities. This will allow you to understand what you are getting and not getting. You may find that standard extension insurance policies are too generic to give you the cover you need for your build. This is a common issue, as no two home extension projects are ever entirely the same.
Affordable Extension Insurance Through Magnet Insurance
For these reasons, we recommend you consider a specialist extension insurance policy from a provider such as ourselves. Our extension insurance policies are fully bespoke. We start with an evaluation of your current property and any accompanying elements, including existing risks and any challenges you are likely to face during the extension. The result is a personalised quote on a policy specifically tailored to your needs.
Request A Quote
We issue our quotes on an individual basis, as there are always multiple factors to take into account. Our goal is to create you as comprehensive a policy as possible – so that it includes all items of value within your property. Call us on 01636 858249 to speak with one of our advisers today.
For more information about extension insurance, please download our free e-book: The Renovation Insurance Guide, by clicking here.
