Renovation Insurance

What would your dream home look like? If you have always wanted to create your perfect property, renovating a house, barn or flat could be a great option to consider.

At HISL Brokers Limited we understand how exciting renovation projects can be, however the process of creating extra space and adding value to your most important asset comes with a range of risks for you and your property – which is where renovation insurance comes in.

If you would like to learn how a renovation insurance policy could protect your house or flat during building works, read on to find out how HISL Brokers Limited could help.

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What is renovation insurance?

Renovation insurance is an additional product that can be added to your existing home insurance policy, and can help to ensure that your property has the protection that it deserves and is covered against a range of risks during building works. For example, as your home may be exposed to the elements and could be structurally unstable, it will cover the structure and the items you own (the contents) from things like burst pipes, floods, fire, theft, storms and subsidence. In addition, the cost of damage caused by accidents, as well as personal liability claims from contractors and home emergencies can also be covered.

Before starting a renovation project, it is important that you check your existing home insurance policy to see what you are covered for. Depending on the value of your renovation project, you may need to tell your insurer that your property is being renovated, otherwise your policy could be invalid in the event that you need to make a claim.

What renovation insurance covers

There are several different types of renovation insurance cover that you could consider for your property. These include:

Buildings insurance: In the event that your home is damaged or destroyed during a renovation project, this will cover the cost of rebuilding or repairing its structure. With that in mind, it is important to make sure that you should insure your home for the total cost of rebuilding it from scratch, in case the worst should happen. In addition, buildings insurance will also cover permanent fixtures and fittings such as walls, roofs, fitted kitchens and flooring.
Trace and access: If you need to locate and isolate the source of a leaking water, gas, or oil pipe during a renovation project, this will cover the cost.
Contents insurance: If your belongings were accidentally damaged or stolen during a renovation project, would you be able to foot the bill without having specialist contents insurance in place? This type of policy will cover the non-permanent fixtures in your property such as furniture, rugs, curtains, technology and your personal belongings up to a single item limit, ensuring they are protected if the unexpected should happen. When considering the amount of cover that you need for the contents of your property, it’s important to think about the total cost to reinstate or replace your contents on an equal basis in the event of any potential loss. Remember, if the worst were to happen and you have under-insured, you could be left out of pocket.

Theft of materials: If any of your materials are stolen during the renovation project, this will cover the cost to replace them (such as kitchen units which may be on site but not yet fitted).

These are just examples of some of the types of renovation insurance covers that we can arrange at HISL Brokers Limited. As we know that no two renovation projects are the same, speak to us today to find out which policies will best meet your needs.

Do I need renovation insurance?

If you own a property and are about to undergo a renovation project, renovation insurance will help to provide you with the financial cover that you need in the event that things go wrong. In the event that a claim is made against you or your property, it will protect you from financial liabilities.

How much does renovation insurance cost?

The premium you pay will depend on several factors. These include the size of your property, the level of cover that you need and the amount of cover that you will need to take out, the cost of the contract, debris removal, materials, professional fees and a contingency for cost in case the project overruns.

You may also choose to pay for extra cover, which will have an additional cost. For example:

Accidental damage cover: This will provide cover in the event that an accident causes damage to one of your belongings, for example dropping a laptop or spilling a glass of red wine on your rug.
Alternative accommodation cover: If your home is made uninhabitable due to an insured event, such as a fire, storm or flood, or it loses heating or electricity, this will cover the reasonable costs for emergency accommodation.
Home emergency cover: In the event that there is an electrical failure to your home, your boiler breaks down or a drain gets blocked, this will provide cover.
Legal protection: If a claim is made against you, this would provide cover for your legal costs.

In addition, it’s also important to note that if your property is a listed building, it may be more expensive to insure due to the special materials and craftsmanship that could be needed to make any repairs.

At HISL Brokers Limited we understand that cost is important to you, but it is crucial to ensure that you are properly protected. With that in mind, we will take the time to understand your specific needs and recommend the amount of cover that is best suited to you.

What else do I need to know about renovation insurance?

It is important to be aware that although your contractor will be likely to have their own insurance in place for your renovation project, they may have some exclusions such as application of heat (e.g. using a blowtorch or grinder), height or depth limits, damage to your existing building and demolition. Therefore, to ensure your investment is properly protected, it is important to have renovation insurance in place.

How can I get renovation insurance?

HISL Brokers Limited have a team of experienced advisers ready to help you get the right protection in place for your renovation project.

We will take the time to understand your specific needs and are committed to delivering a completely personalised service, ensuring that you have the best possible cover at the best possible price.

To find out how much peace of mind costs, contact Paul Kerner by calling (0)20 7220 9020.