Extending your home? Extend your insurance too
Homeowners are being urged to extend their insurance when they extend their home, to guard against their plans for a dream home potentially turning into a nightmare.
The warning comes from property tech firm buzzmove, on the back of recent reports that many homeowners are improving their own property rather than moving to a larger one.
Damien Seaman, head of brand at the business, said: “It’s vital that the correct level of home insurance is in place not just for the build itself but for the remodelled home.
“The problem is that many homeowners do not consider updating their insurance until it comes to renewal, if at all. This could leave them at risk of underinsurance or at worst without valid insurance cover if they haven’t disclosed the fact they were having building work carried out.”
What to disclose
Adding extra rooms, converting a loft, extending existing spaces or even upgrading the kitchen or bathroom will have an impact on the property value and its rebuild cost. This changes the level of risk and therefore the level of home insurance required to cover the property – both while and after the renovation work is carried out.
Seaman added: “Before starting any building work, tell your insurer and create a really accurate record of everything you own, with proof of purchase, so that if you need to make a claim you have the records to support it.
“Most of us massively underestimate how much we own so the start of a building project provides a good opportunity to take stock – quite literally.
“Increasing the level of home insurance will provide vital protection, as well as peace of mind while building work is carried out.”