news-head2.jpg

Magnet Insurance Services Ltd Blog

November 2017-

Thinking Of Renovating? Protecting Your Home Is A Must!

Thinking of Renovating- Protecting Your Home is a Must!.jpg

Are you thinking of renovating your home and are worried about your insurance cover? Before you put any plans in place, you need to ensure that any additions to your home are covered by a comprehensive insurance policy. Your refurbishment may be covered by your existing buildings insurance but the likelihood is that you will need a specialist home renovation policy that keeps your existing building and additional works covered during the remodelling process.

In this article we will discuss the importance of protecting your home with specialist insurance during renovations. We will also put into perspective the additional risks you may face if your home is not protected adequately during refurbishment. The intention is not to alarm you but simply to point out the deficiencies of standard home insurance policies for homeowners carrying out refurbishments.

The Importance Of Specialist Renovation Insurance

A home insurance policy is designed to cover a static level of risk and is ill suited to a dynamic, changing situation – such as building a house extension! For this, you need a specialist policy that appreciates the risks involved with the changes you are making to your property. Of course, many of the risks you face are already insured under your contractor’s public and employers’ liability insurance – or are they?

Many homeowners go into an extension project assuming that everything is covered, when in fact the contractor’s liability is limited by exclusion clauses that may mean the homeowner is not covered for the full value of accidental damage or other problems. This can lead to unforeseen expenses, delays and protracted legal disputes.

Renovation Insurance bridges the gaps left by other insurance policies, whether your own home insurance or the works insurance of your contractor. It also offers additional protection against problems you may experience during renovation, which you wouldn’t at other times. Let’s take a look at these below.

Risks You May Face During Renovation

The majority of house extensions and renovation works go ahead without a hiccup but in the rare case that an issue occurs, not having the relevant insurance in place can create a lot of problems.

Here are some of the main risks you may be exposed to during renovation that could cause you financial loss.

1) Increased Risk Of Fire, Flood & Electrical Fault

The minimal but ever-present risk of fire, flood, escape of water and electrical malfunction is raised during a renovation. A fire may result from a gas explosion, faulty electrics or faulty equipment on site, while a burst water main (a risk when laying foundations) may flood your property. More obscure risks include structural collapse of parts of your existing building, damage from trees or branches being knocked down, damage to your garden from works traffic, walls being reversed into by construction plant… The list goes on.

2) Compromised Home Security

You may be at greater risk from theft and vandalism during a renovation than you would be otherwise. This comes from simply having more people in and around your property on a daily basis, and also because some renovations open up the home and compromise security. This risk is greater if your home is going to be unoccupied during the renovation.

3) Issues With Your Contractor

Your contractor could have a range of issues during the renovation that are entirely beyond your control. You may be partially covered under their insurance for some of these but we don’t recommend you take the risk. Problems may include the contractor becoming insolvent during the build, or walking away from the project, or delays arising because of supplier difficulties.

Renovation Home Insurance Through Magnet Insurance

At Magnet we offer a range of tailored, affordable renovation insurance policies to suit the duration of your project and the risks you need protecting against. We make sure you are covered should the worst happen and can enjoy your renovation project with complete peace of mind.

To find out more about specialist renovation policies in general, and our services in particular, please download our free e-book: The Renovation Insurance Guide. Click here to claim your copy today.

The Renovation Insurance Guide

Subscribe to Email Updates

Home Insurance

Get an instant quote on your Home Insurance!

Click for an instant quote!
The Renovation Insurance Guide
Email Us

Contact Us

Got a question? Call us on
01636 858249
or email:

info@magnetinsurance.co.uk

Recent Posts