Insure a property that I will be living in whilst it is being renovatedGet Quotes
Cover available while property is empty
Renovation insurance expert advice
Full renovation cover available
Cover for malicious damage
Cover for fire or flood during renovation work
Convert to other policy after renovations complete
In all the excitement of wanting to get on with the building works of a new property you have just bought to renovate, it might be all too easy to overlook the need for appropriate and adequate insurance cover. But it could prove a very costly oversight. Renovation insurance would buy the peace of mind and financial security you need. Whether you are renovating a property that you intend to let, sell for profit or live in yourself we can help. Wr have a range of policies to cover these situations.:-
- For let property we can provide landlords insurance cover
- For property you intend to sell consider unoccupied property insurance
- If you intend to live in the property you need renovation insurance
The fact is that renovating a property usually involves a unique set of circumstances unlikely to be covered by standard buildings and contents insurance. Even if you have this, you may find that such standard cover will lapse if the property is left unoccupied for more than a month – and, of course, many renovation projects are going to take rather longer than this. The message, therefore, is to check very carefully the conditions of any existing insurance on the property and give serious consideration to a purpose-designed renovation insurance policy.
Since the needs of each property owner are going to be different and because there is such a huge range of different types of property insurance, it is highly recommended that the professional guidance of an insurance adviser such as UKinsuranceNET should be sought in order to select the most appropriate extension or conversion insurance policy.
Some of the reasons for seeking such specialist advice lie in the particular risks associated with property that needs to lie unoccupied whilst being renovated. An empty property of course is rather more vulnerable to vandalism and fire. But even in the face of the standard risks of fire, storm or flood damage, not only the original structure, but all new, renovated work also needs to be covered.
On top of that, the owner will need to cover the additional risks associated with the building works themselves. These will probably involve a higher level of coverage for public liability. To cover the owner’s obligations and responsibilities towards the workers he employs to do the renovations, there will also be a need for employer’s liability cover, not to mention insurance for the materials and equipment on site. Clearly, the majority of these risks will need to be insured if the owner plans to carry out the renovation works himself.
Even if the builder contracted to work on the project has his own insurance – which is naturally likely to be the case – the owner will still need cover for his own obligations and liabilities during the building works, such as site safety and security and employers’ liability (where a minimum of £5 million cover will need to be in place for labour-only subcontractors).
In other words, renovation insurance covers a whole package of insurances not usually associated with the standard home buyer’s needs. If you are remodeling, refurbishing or renovating a property and the works are going to be lasting more than a month, therefore, renovation insurance should form an essential part of the process.