If you’re looking to embark on a renovation project, protecting yourself from any risks is really important. While plenty of projects go off without a hitch and the results are more often than not a beautiful new kitchen or a spacious loft conversion, it’s sadly the horror stories that stick out. We’ve outlined the essentials below so that you can invest in your construction with confidence.
I have home insurance - is that enough?
Standard home insurance usually only covers a small portion of renovation works, including:
- Small internal renovations
- Garden renovations
- Projects under £25k
- When no structural work is carried out
Speak to your existing provider to see if any additional renovation cover is available before proceeding. Generally, for the higher-risk work of extensions or structural works, you’ll require specific home renovation insurance. Louise Kerridge, one of the insurance experts from Renovation Plan notes that, “Sometimes clients will leave it too late, an incident occurs, and the household providers repudiate the claim due to ongoing works. With any works we always recommend seeking renovation insurance as then you have the reassurance that your project is covered with no grey areas.”
So, it looks like home insurance might not cut it. What’s next?
You’ll need home renovation insurance for any work that impacts the structure of your building because of the significant risks involved with building works. This covers extending, remodelling and conversions. Home renovation insurance is there to protect your home and its contents while you’re under construction. Each plan varies but you should have the option to cover the following factors until your work is complete:
- Damage to the property’s structure
- Damage to the property’s contents (can include damage through fire or flooding)
- Damage to neighbour’s property when as a direct result of your building work
- Alternative accommodation if property becomes uninhabitable
- Unoccupied property insurance if property is uninhabitable for 30+ days
- Public liability cover in case of injury
- Theft of equipment, materials and tools
To find out more about renovation insurance, download Renovation Plan’s ‘Guide to insuring a renovation project’.
Check your contractor’s insurance
We spoke with Renovation Plan’s Louise Kerridge, who has over 15 years’ experience in private and commercial Insurance. She advises:
“Any contractor working on site must have at least £2m Public lability cover, to cover their damage or injury to 3rd party property or person(s). They may also have ‘contractors all risks cover’ which is a more comprehensive policy & will normally cover the contractors employees too as well as materials bought for your site if you are not purchasing directly.”
