Renovation insurance is essential for anyone planning refurbishment works to their house. However, many homeowners are unaware that they need to inform their insurer of upcoming changes before building work begins on the property. If you don’t, and something unfortunate happens, then it is possible that your insurers will not pay out in the event of a claim.
Your insurer needs to know about any renovations that can affect the rebuild cost of your house. It is also in your best interests to contact your insurer before any building works take place.
Structural changes, such as walls being demolished or extensions being built, will certainly need to be disclosed to your insurer. As well as this you should think of the implications of whether the home is occupied or vacant. If the property is empty before and during renovation, it is likely that the cover available will be restricted to only cover the main risks such as fire, lightning, earthquake, explosion and aircraft as the risk to the property can be substantially greater while building work is ongoing.
You should also check that the total sum insured covers the value of rebuilding your property, as well as the value of contents. Remember to also include any additional sum necessary to cover the renovated part of the house once work is completed.