What’s one of the biggest blunders that you can make when you’re planning your home extension project?
The worst gaffe may not under-budgeting on that extra bedroom, loft conversion or new conservatory.
(But be warned. The average overspend on a project is £3,200.)
The worst slip-up may not be under-estimating just how long the job will really take.
(But you should know that 35% of projects do overrun, with delays averaging three months.)
No, the worst oversight is probably this…
It’s forgetting to tell your home insurance provider your exciting home improvement plan is happening.
This might seem a minor faux pas. But it has serious consequences.
And for a lot of us. Over two thirds (65%) of property owners forget to tell their home insurer they’re undertaking a major renovation or extension.
Keep Your Home Insurance Provider Informed, or else …
What it means is that you risk leaving yourself financially vulnerable and uninsured if your project leads to a claim.
And research shows that claims do happen. In the form of structural damage, storm damage, fire caused by electricians’ mistakes and accidental damage to neighbouring properties – to name just a few.
That’s hardly surprising. Home renovations tend to be complex projects. Very few go exactly to plan.
And when things do go wrong, they can cause more than mere frustration.
Not taking out home insurance can be a huge gamble during a period where a home is often insecure, more exposed and generally more at-risk than it would be normally.
Top 10 Insurance Claims for Renovation & Extension Projects
- Theft of building materials and equipment (e.g. bathroom and kitchen fittings).
- Escape of water (e.g. burst pipes and water sources connected to the home).
- Storm damage (damage from storms excluding flooding e.g. high winds).
- Flooding from ground water (flooding from rainfall/storms).
- Party wall claims (damage to a neighbour’s property where there’s a boundary wall e.g. semi-detached homes).
- Public liability (e.g. guests at your home injured by a tradesmen).
- Fire (e.g. caused by an amateur electrician).
- Ground movement (subsidence caused by building works).
- Accidental damage (e.g. items being dropped by a tradesman).
- Malicious damage (e.g. vandalism).
So if you’re planning work on your home in the near future, forewarned is forearmed.
It is essential that you contact your home insurance provider and let them know about your plans if you are undertaking major building work at your home.
Once it’s all done (hopefully without any mishap), don’t forget either that your homes and contents policy will need updating again.
Now you’ve completed the work, it will need to reflect the extra space and rebuild value of your much improved home.
Would you like help in working out the best type of home insurance for your needs? Our specialist advisors will talk through your circumstances and give you impartial contents and buildings insurance advice here.