Renovating? Don’t let it affect your home insurance

With the UK housing market remaining difficult in some areas, many homeowners who are struggling to sell their homes are choosing to stay put and improve their properties instead. Home insurance providers have found that homeowners are continuing to try and add value and space to their homes through renovations.

Renovating Home InsuranceThrough viewing home improvement shows, such as Grand Designs and 60 minute makeover, many of us are aware that when making structural amendments to our home we may need to seek planning permission from the council. However, did you know you also need to inform your insurer?

Homeowners often decide to carry out renovations such as a loft or basement conversion, or adding a conservatory, in order to boost the value of their home and don’t consider potential issues that may arise as a result.

Renovations made to your home could impact on your designated risk level with insurance providers during the period when work is being carried out and once completed, homeowners would expect structural amendments to boost the value of the property.

Keep Your Insurer Informed

Furthermore, if you are kitting out new rooms with furniture and appliances, you may find that the value of the contents within your home also increases. It is therefore important to inform your insurer of your plans to make alterations before they take place, so they are able to advise you on any precautions you need to take and any amendments that need to be made to your policy and premium.

Other instances where you may need to inform your insurer of changes include when the property is going to be vacated for an extended period of time, or if you take in a lodger. This is again because your home may be judged as being at a greater risk as a result of these alterations.

Speaking to a customer service adviser should clear up any questions you may have and give you a clear idea of any extra protection you need to put in place.

Reduce Insurance Costs

One alteration that may have a positive impact on your future premiums is improving security in your home. Many insurers will offer you a discount if you can show you use an intruder alarm that has been installed and is maintained by an approved NSI company. However, once this discount has been applied it is very important that you keep the alarm operational at all times; otherwise you may find that you have problems when it comes to making a claim.

Other security measures that may have a positive impact on the cost of your insurance when it comes to renewal time include fitting mortice locks on doors and locks on windows.

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