Hands up who doesn’t think about insurance when they are renovating their home?
I thought so.
“Do I need to?”
You really should you know. I’ve heard some very distressing tales about when things go wrong and the insurance company doesn’t want to pay up. It’s not always a case of ‘they take your premium… then don’t pay up when there is a claim’.
I know, it’s the boring bit isn’t it? The plans for the build, choosing your project manager, thinking about colour schemes – that’s the sexy bit. Then you’re off and looking forward to having a fabulous looking home.
The problem is that there is often no real guidance given on this subject. For many people who buy online home insurance, the parameters are limited. Therefore if the question isn’t asked, no answer can be offered. And I don’t know many people who read their policy, where you should find some information about what to tell your insurer.
“Isn’t it easier to keep quiet?”
First and foremost, if you are undertaking work to your property, tell your insurer. It won’t matter if you are simply replacing a bathroom or a kitchen but if the work is costing more than £25,000 or you are taking down any walls, replacing a roof or building an extension, then you MUST.
Complications can also arise when someone mentions JCT contracts because often no-one fully understands the implications and who is responsible for arranging adequate cover.
If you are vacating your property while work is done, then this presents a potential problem that may mean re-arranging your home insurance under a specialist policy.
In any event, consulting an experienced property insurance broker will mean you get the right advice when you need it.