Do I Need to Tell My Home Insurer About My Renovations?
If you’ve made the decision to renovate your home, it is strongly advised that you tell your home insurer. It’s important that you inform them in order to ensure your new, improved property is completely covered in case of accidents. Lots of major insurance companies may limit or withdraw your cover entirely if you’re planning major alterations to your home, so it can pay to speak to them beforehand. This way, they can advise you on what cover you may need or whether or not you need extra cover at all.
Failure to tell your home insurer about your renovation plans can result in your policy being invalidated. It is important to note that if your alterations are purely cosmetic, then you don’t need to consult your insurer – it’s structural work that they’ll be concerned with, such as converting a loft or adding a conservatory. A survey conducted on behalf of GoCompare found that 48% of people who commissioned renovations on their homes did not tell their insurance provider – quite a startling number that implies many people are unaware of the importance of communicating with their provider.
Certain renovations can add significant value to the property, which is further incentive to contact your insurer about your work before you undertake it. Consider spending thousands of pounds on a conservatory or converting your cellar, only to find that your insurer will not cover it and you have no protection for something you spent such a large amount of money on.
Some of the most common insurance claims concerning home renovations is the theft of materials, escaping water from damaged pipes and damage from storms – if you fail to tell your insurer about your home improvements and one of these fates befalls your property, you could be faced with some serious expenditure.
While the idea of paying higher insurance premiums for your improved property might not be a welcome one, we can guarantee that it’s certainly preferable to having to fork out eye-watering sums to cover damage that your insurer refused to cover. Contact your insurance provider for a chat once you know what renovations you’re going to make – that’s the first step to an agreeable solution.
LMB Group are experts in the design and installation of loft conversions, home extensions and outbuildings throughout London and the surrounding areas. For more information, please get in touch with us today and we’ll be more than happy to help.