Home Renovation Insurance Explained

IF you need Home Renovation Insurance then you need to understand the basics of what you can buy. Whether you want to insure only the building or include the works as well, the policies you can buy are very different in performance and price.

Home Renovation Insurance Explained

• Make sure you know the difference between insuring the building and insuring the works. Click for the BCIS free to use rebuild calculator
• Insuring the rebuild does not normally include any works. Anything to do with the renovation will be excluded
• Check the endorsements, they will explain what is excluded or any special terms or conditions
• Typically, the Renovation Insurance Policy will permit the renovation and still insure the building against normal perils
• If you want to insure the works element, then you will need to speak with us as this is very specialist insurance
• Indeed, with works insurance normally costs a lot more than standard renovation insurance. This is because it covers absolutely everything. You’ll sleep easier but it comes at a cost, normally £635 or more for six months

With Works Insurance – A Case Study

The Home Insurer’s Jason McClean took out a Renovation Insurance With Works policy in 2019. This cost £635 for six months cover. It included rebuild up to £450,000 and works cover up to £250,000. It also included non-negligence insurance, a very specialist cover that means basically everything is insured regardless of who is at fault.

Jason said: “When I checked my contractor’s public liability insurance, it excluded underpinning. As I was having a new extension that needed underpinning, this was less than ideal. Therefore, I bought my own with works insurance to included underpinning and anything else the contractor was responsible for. I added non-negligence because sleeping at night is a favourite hobby and I didn’t fancy waking in cold sweats worried about financial ruin if a wall fell down.

“The builder handily understood this and knocked £635 off my final bill to compensate. I would argue that is because he was both reputable and known to me. Either way, I got my house properly insured for the full renovation and rebuild during the works and enjoyed zero anxiety ini the case of major problems.

“I could have stuck with my own house insurance. However, working in the insurance industry, I knew that was not adequate. You need to tell your insurer if you are having any renovations taking place and normally that will lead to changes or even cancellation of a policy. If you do want to simply insure the building, then you can expect costs to be fairly similar to normal insurance but with endorsements added to exclude the works.”

Occupied Or Unoccupied Renovation Insurance

It makes very little difference to The Home Insurer if your property is occupied or not during the renovation. Overall, it is probably better to be unoccupied and take out the contents at the same time. Certainly, don’t leave any valuables in the home.

What To Do Next

If you need a competitive quotation for Renovation Insurance then try The Home Insurer or call 01832-735388. Generally, it will take around 5-10 minutes to get a quotation. Significantly, the sales staff will ensure you get the right cover you need so you can sleep at night during the renovation.