“Having the right insurance in place for any large renovation project gives our clients peace of mind should something unforeseen happen,” explains Imran Moideen,
Smith Greenfield Premier Client Advisor.
Planning a renovation of any type is an exciting period for homeowners, especially during the creative stages of a project. Working with designers and architects, you discover the possibilities for your home that bring together the demands of your lifestyle and aesthetic desires. The practicalities of managing a project are a more sober affair when selecting builders and looking at budgets. At this point, we advise clients to review their household and buildings insurance to check they are fully covered for their project.
DO I NEED SPECIALIST INSURANCE?
For significant private, residential renovations, extensions and refurbishments you need to think about your current insurance policy to protect your home during the course of work. You may need to take out a specialist policy for the duration of your project, so you don’t invalidate your current policy. Also, If your project involves a JCT contract then clauses proposed by your architect or project manager could invalidate your cover for the duration work. We would advise that you speak to your insurance advisor for expert for guidance.
MEETING YOUR INSURANCE OBLIGATIONS
If your project is of significant value and involves a JCT contract, you should consider a specialist HomeWorks insurance policy. Alternatively, if you are only carrying out minor work and alterations for an unoccupied home then limited cover can be obtained for the duration of work under a specialist Unoccupied Homes policy. This is useful if work is not likely to start straight away. Both these policies are available to private individuals renovating, updating or extending their homes or buy-to-lets. It provides you with adequate protection in the event of any damage to your home and enables you to meet your Building Contract obligations.
If you would like free advice about insuring your home during a renovation, please book a free consultation with Imran Moideen, at the show visit our Ask an Expert section and book your slot.
For Smith Greenfield information please go to: www.smithgreenfield.co.uk