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What you need to know about renovation insurance

Depositphotos 45201691 m-2015 (1)

If you own your own home, are the landlord of buy to let property or have invested in commercial property, you are probably familiar with the titles of different types of insurance – including, for example, home building and contents insurance for owner occupiers, landlord insurance, commercial property insurance and unoccupied property insurance.

What you might be less familiar with, however, is a specialist form of cover called renovations insurance.

This is a brief overview as to what it is, why you need it and where you may buy it.

What is it?

Renovation insurance is specialist, standalone cover you are likely to need if any type of property you own is being renovated – whether that is your own home, buy to let property, or commercial property in which you have invested.

In these days of uncertain property prices, more property owners may be turning to renovating and improving what they already own, rather than investing in anything new.

If you doubted the popularity of renovating properties, you might look no further than the country-wide series of three-day shows organised throughout 2017 and well into next year by the magazine Homebuilding and Renovating

Why do you need renovation insurance?

Unless you are planning no more than a cosmetic lick of paint to improve the appearance of your property, you are likely to need renovation insurance if you are planning an extension or any form of renovation works that involves structural alterations or a potential impact on the existing structure of the building.

These more invasive works are the type likely to be involved in any plans to install solar panels or to turn your home into a more eco-friendly building – as described in a story in the 23rd of June 2017 edition of the Express newspaper.

Your existing property insurance is likely to exclude loss or damage caused to the existing structure of the building whilst it is being renovated and almost certain to exclude any cover at all for the new building works.

Separate, specialist, standalone renovation insurance, on the other hand, ensures that cover is not only maintained for any loss or damage to the existing structure but also extends to the new building works in progress. 

Prudence also suggests that, instead of relying on any insurance which your building contractor may claim to have, you arrange renovation insurance to cover the costs of work that might not come up to scratch and needs to be taken down and reinstated. 

Renovation insurance also provides cover against the risk of theft, loss or damage of materials and supplies stored on the building site, together with any tools, plant or machinery you may own.

Last – but by no means least – is the importance of public liability insurance, providing you indemnity against claims from third parties who may be injured or suffer property damage as a result of building works on your property, together with the appropriate level of unoccupied property insurance whilst the premises you own are uninhabitable or unusable.

Further reading 

Here at UKinsuranceNET, we have published a guide to renovation insurance, which also highlights our expertise and experience in arranging precisely this form of cover for your property.