Home renovations are a popular way to give your property a new lease of life. When undertaking large-scale projects, there is a lot to think about – and the impact on your home insurance should be part of this planning.
In the loop
As well as producing detailed plans, seeking planning permission and choosing your contractors, a priority at an early stage should be getting in touch with your home insurer. This is because, if you don’t tell your insurance provider about your building work and your plans for adding an extension, you could accidentally invalidate your policy.
Risks and rewards
There are two main types of risk associated with renovation projects that your insurer will need to consider:
Knocking down walls could cause unexpected accidents or damage. Furthermore, structural work could expose your home to the elements for long periods of time, potentially at risk of causing damage to your property.
During building work, your home may be less secure. You might temporarily move out and scaffolding can make intruder access easier. With a lot of tradespeople coming and going, there is a risk that windows and doors could be left open.
By contacting your insurer, you can check if your home will be covered and find out whether you’ll need additional or specialist cover for it to be fully protected.
Remember too that having an extension added will likely increase how much it would cost to rebuild your home, which could mean you need a higher amount of home insurance cover.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.