When undertaking a home renovation project, there are potential risks. If you go with a trusted builder like Supa Group, you’ll most likely not need to call on your home insurance coverage, but it’s still good to have it there just in case. However, there are certain things you have to be aware of when it comes to your home insurance and what cover you have when renovating your house:
Tell your insurance company
The very first thing you should do before starting the renovation project, is to tell your insurer of your plans. Some policies might become void, or reduce your cover during the period that you are renovating, which means that you should make it a priority to find out what your options are.
Know about vacancy clauses
It is quite common for our clients to continue living in the house during the renovation, however sometimes this is not possible. Before you make plans to leave the house for the duration of the project, make sure you understand what your policy has to say about vacancy. Some policies become void after a certain period of non-occupation, which may put you in considerable risk if something were to go wrong.
When your current cover isn’t enough
With a building insurance policy, you need to know the total cost of replacement of the home.You don’t want to be underinsured, so if you’ve gone from a home of a certain size to one that’s bigger, then the cost to replace like for like will be greater. What you’ll need to do is review your insurance policy to include the greater cost of replacement.
Get the right builder
When choosing a builder for your renovation or home extension, be sure to pick one that has the necessary builder’s insurance. This type of insurance is necessary if you want to claim for defective or incomplete work. When the building contract is being signed, your builder should produce proof that your project is covered by Homeowners Warranty Insurance. This insurance covers you if your builder becomes bankrupt or dies and there are structural issues with your home. This insurance does not mean that the builder does not have to fix any structural issues that may arise within the warranty period. Selecting a builder that has proven longevity is insurance in itself.
While these points above are serious considerations to keep in mind when you’re about to embark on a renovation project, it is by no means a reason to not go through with the renovation altogether.
If you want to make sure you have done all the necessary planning, and are looking for a builder that can advise you on essential information that you need to know, don’t hesitate to contact us.