Last year, nearly 233,000 homes in England got planning permission for extensions or structural changes. This increase in home improvements, partly due to the pandemic, shows a desire for more space and comfort. However, while upgrading your home, it’s crucial to make sure your home is properly insured.
Why property insurance advice is crucial
When you invest time and money into extending or renovating your home, the last thing you want is insurance problems. Here are four important things to keep in mind:
Notify your home insurance provider
If you’re doing major work on your property, tell your home insurance provider. Not doing so could void your policy. Changes in your home’s structure can change its risk level, and your insurer needs accurate information to provide the right coverage.
Property occupancy during renovation
If your home will be empty while work takes place, this could affect your insurance policy. Empty homes are at higher risk for theft or damage, which might not be covered under a standard home insurance policy. You might need a special policy to cover the time your home is empty.
Changes to bathrooms or kitchens
Adding or removing a bathroom or kitchen can greatly change your home’s risk level. Pipe leaks are common and costly claims. Make sure your insurance reflects these changes to avoid being underinsured.
Increased rebuild costs
An extension can increase the size of your property, meaning it could cost more to rebuild if it’s damaged beyond repair. Check that your insurance policy’s coverage is enough to cover the increased rebuild cost after any renovations or extensions. Also, review your contents coverage to ensure it accounts for any new furniture or items from the extra space.
Specialist insurance needs for self-builds
If you’re starting a self-build project, the insurance can be even more complex. Self-build insurance is a special product designed to cover the unique risks of building a property from scratch. It can include coverage for site clearance, materials, and the building itself at various stages of construction. If you’re financing your self-build with a special self-build mortgage, your lender may require you to have this insurance before releasing funds.
How Skyline Mortgage Consultants can help
Navigating home insurance, especially after an extension or renovation, can be tough. As independent mortgage brokers in London, we’re here to help you find the right mortgage and secure the correct insurance for your needs.
We can:
Advise on notification requirements: Ensure you know what to tell your insurer to keep your policy valid.
Recommend specialist policies: Find specialist policies that cover empty homes during renovation or self-build projects.
Review and adjust cover: Help you review your existing coverage and adjust it to account for any changes in your property’s risk level or rebuild costs.
Coordinate with lenders: Work with your mortgage provider to meet any insurance requirements they may have, especially for specialist mortgages.
By partnering with Skyline Mortgage Consultants, you can be sure your home is well-protected, letting you enjoy your renovation or extension with peace of mind.
Book your complimentary insurance review today
By booking a thorough insurance review with a knowledgeable mortgage adviser, you can better understand the types of policies available and ensure you have the right protection for your home renovations and extensions. They can help you find any gaps in your coverage and recommend solutions tailored to your needs.
Don’t leave your home and renovation investment vulnerable to unexpected events.
Schedule an extension and renovation insurance review with Tony today. Tony, recently named one of the UK’s Top Mortgage Brokers, is here to provide expert guidance and peace of mind.
Skyline Mortgage Consultants Limited is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Skyline Mortgage Consultants LTD is registered in England and Wales Number 8157062. Company Registered Office: Heathmans House, 19 Heathmans Road, London SW6 4TJ.