There can be many good reasons to renovate your property, from the practical to the stylistic. For example, you may want to increase your home’s energy efficiency or simply redesign the interior.
Whatever your reason, renovating your home can have a variety of benefits from improved comfort to a significantly increased property value. That’s why, when you’re making the change, unexpected problems are the last thing you need.
Having cover in place can give you invaluable peace of mind when renovating your home. Read on to find out how having the right protection in place can benefit you.
More than half of Brits plan to renovate their homes in 2022
In recent months, the pandemic has spurred many people to renovate their homes. Not only do many people now have more time to do so, but rising house prices mean that this option can be much more cost-effective than simply moving.
According to a survey published in Property Reporter, the amount that Brits spend on renovating their homes surged by more than a third in 2021. One of the most popular changes that people made was to their kitchen, as working from home gave them more time to cook.
The report also found that more than half of homeowners stated that they had plans to renovate their house in the coming year. If you’re one of them, you’ve probably already given it a good deal of thought about what you’ll change.
However, one thing you may not have considered is the possibility of something going wrong. If it does, then the costs of making a mistake could be significant. Thankfully, this is where seeking protection can give you some peace of mind.
There are several different ways that you can protect your property during renovations
When renovating your home, having the right form of cover can enable you to get on with the job without any concerns about something going awry. However, if you own a large, old, or unique property then it can be easy to worry.
When making significant renovations, there are typically two ways that you can organise the cover.
The first is to split it between yourself and your contractor. Typically, you would pay for the cover for the building while they insure the “contract works”, such as the materials and fittings.
The main advantage of this method is that it can often save you money. However, this isn’t always the case, as the contractor may simply add the cost of their cover to their tender when billing you.
Another drawback to this method is that you are often sacrificing a large degree of control, which could cause you significant amounts of stress in the event that something goes wrong.
It is often safer to be in control of your policy cover
One alternative is to purchase a “contract works package”, which will cover both your existing building and the works. This option would give you several important benefits.
The first of which is that you retain full control and won’t need to rely on your contractor’s policy responding in the event of a claim. That means you know the quality of cover you have and there won’t be any unexpected exclusions, which could result in the avoidance of a potential claim.
On top of this, you are also in control of the premium payments. This means that in the event of a contractor not maintaining their cover or worse, going out of business, you would not be left potentially uninsured with little or no warning.
Furthermore, since you are only working with a single insurance provider, it can be much faster to make a claim. Often, when there are two overlapping sets of cover, insurers can argue over who is responsible for the loss.
Having a single policy with one provider can make the claims process much more streamlined, give you a greater peace of mind, and enable you to get on with that dream new kitchen without any worries.
Working with a broker can help you to find the protection that’s right for your needs
If you’re considering expensive renovations, unexpected problems are the last thing you need, which is why it’s important to have cover in place. However, with many different options to choose from, it can sometimes be hard to know which one is right for you.
When you work with a broker, they can help you to accurately assess the pros and cons of different types of cover. This can give you much greater peace of mind to know that you’re getting the right protection for your needs.
This can help you to give you more confidence and enable you to make your renovations without any unnecessary worries.
Get in touch
If you’re considering making some renovations in the new year and want to ensure that you have the right cover for your needs, we can help. Email insurance@eggarforrester.com or speak to a member of our expert team on 0207 382 7710.