Renovating your home is an exciting journey, filled with dreams of Pinterest-worthy spaces and the occasional nightmare of finding out your walls are made of papier-mâché. But before you dive into the chaos, there’s 1 crucial aspect you shouldn’t overlook: Buildings insurance. Ensuring your home is adequately covered during and after renovations can save you from unexpected financial setbacks (and a few sleepless nights). Here’s a comprehensive guide to help you navigate this process as smoothly as your newly plastered walls.
Assess your current cover
Before you start any renovation project, review your existing buildings insurance policy. Check what’s covered and be on the lookout for any gaps (excuse the pun). Think of it as a treasure hunt, but instead of gold, you’re looking for loopholes.
Let your insurer know
It’s essential to tell your insurance provider about your renovation plans. Failing to do so could lead to problems when you want to claim 1 day. Your insurer needs to know about any structural changes, extensions, or major alterations to assess the risk accurately. Imagine trying to hide a new wing of your house from them… It’s not going to work!
Temporary accommodation
Hmmm, picture a mini-vacation, but with more dust and fewer margaritas. If your renovations are extensive, you might need to move out temporarily. Check if your buildings insurance covers the cost of alternative accommodation. Alfresco dinners, anyone?
Increased rebuild costs
Renovations often increase the value of your home, which means the cost to rebuild it from scratch will also rise. Ensure your buildings insurance reflects the new rebuild cost to avoid being underinsured.
Liability cover
Renovations can increase the risk of accidents or damage to neighbouring properties. Make sure your policy includes liability cover to protect you from potential claims. Because nothing says ‘welcome to the neighbourhood’ like a flying brick through a window.
Contractor’s insurance
Verify that your contractor has adequate insurance. This protects you from any claims resulting from accidents or damage caused by the contractor’s work.
Security measures
Renovations can sometimes compromise the security of your home. Ensure that your property remains secure during your renovations to prevent theft or vandalism.
Policy adjustments
After the renovation is complete, update your buildings insurance policy to reflect the changes. This includes any new additions, extensions, or significant upgrades. Keeping your policy up-to-date ensures you’re fully covered.
Document everything
Keep detailed records of all renovation work, including receipts, contracts, and photographs. These docs can be invaluable if you need to make a claim related to the renovation. Plus, they make for a great before-and-after slideshow at your next dinner party.
Regular reviews
Even after your renovation is complete, it’s a good practice to review your buildings insurance policy regularly. This ensures that any future changes to your property or its value are adequately covered.
Renovating your home is a significant investment, and protecting that investment with the right buildings insurance is crucial. By considering these factors and working closely with your insurer, you can enjoy peace of mind knowing that your home is well-protected throughout the renovation process. King Price Insurance, the king of insurance, offers comprehensive buildings insurance tailored to your needs. With wise counsel and flexible cover options, you can be sure your home will be protected during and after your renovation. Let the king have your back (and your buildings) covered!
Don’t already have buildings insurance? Get a commitment-free quote today by simply clicking here or chatting to us on WhatsApp 0860 50 50 50.
Psst… This blog provides general info only, and doesn’t count as financial or product advice from King Price or our legal and compliance experts. Remember, all our premiums are risk-profile-dependent, and T’s and C’s apply. Our most up-to-date KPPD (policy wording) can always be found here.
Our website T’s and C’s can be found here.
