Published: 14/09/11
The rising costs of moving, coupled with the unwillingness of banks to give out mortgages means that more people are renovating their property rather than buying a new one, therefore, before starting any renovation project you should be sure that you have the correct insurance cover in place.
Edward Spinks who looks after high net worth and household insurance has some sound advice:
“The first thing to bear in mind is that you must inform your insurer that you are having building works at your property as a change in material facts such as this could invalidate your cover. If you are having professional contractors in to undertake the works it is important to check what insurance protection they have i.e. do they have adequate liability covers, are they covered for any damage that they cause to your property and will they be responsible for the building materials at your home.
Levels of cover on both buildings and contents insurances can vary greatly. For example, Accidental Damage cover is often not included but is always something we would recommend, as it’s relatively inexpensive. Accidental damage can be defined as a loss that occurs suddenly as a result of an unexpected and non-deliberate action, essentially, this means an unintentional incident that harms your property or your contents, therefore, accidental damage cover is an important cover to have during a time of great disruption.
Not all home insurance policies are the same and we will always recommend a policy that is suitable for your needs. We also take the time to ensure that you understand the levels of cover available to you from the offset. You simply cannot afford to take chances when insuring your biggest asset."
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