LIVE 24-SEVEN - BUSINESS SUTCLIFFE & CO INSURING HOME IMPROVEMENTS
Recent research from the NAEA Propertymark, the professional body for estate agency personnel, reveals that UK property owners have spent a total of £41billion on home improvements over the last five years alone. However, many homeowners do not check that their renovations or extensions are fully covered by their home insurance policy either while during the work or on completion.
“Home improvements should be protected like any other investment”, advises Caroline Pearson, account executive, Sutcliffe & Co insurance brokers.
So if you are adding an extension or refurbishing your property, you need to inform your existing insurer as they may have conditions to impose. If you do not let them know, then there is a chance your existing cover could be voided.
Before work starts, you should also consider Contract Works Insurance - this will cover the work being carried out, should disaster strike before completion, as well as theft of materials from the construction site. Also, do not assume that your contractor will have everything insured: get a written contract specifying who is responsible for insuring what and then get evidence the insurance is in place for your peace of mind. If the job will include excavations, piling or demolition, may affect neighbouring properties, then investigate Non Negligence insurance (also known as JCT 21.2.1 or JCT 6.5.1 due to the building regulation clauses it relates to).
Once work is completed, all required decorating and furnishings finished, take another look at your home insurance to make sure your contents policy is still sufficient, or increase it if not.
“There is already a lot of paperwork to deal with when you’re renovating or extending your home, but not ensuring your insurance is up to speed could lead to real problems should things not go according to plan. Similarly, once the work is done and you can enjoy the fruits of your, and your contractors’ labour, make sure it is properly protected,” added Caroline.
If you need advice about what sort of insurance cover you might need while carrying out home improvements, just speak with a member of our team.
Tel: 01905 21681
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