Home improvements and buildings insurance

Home improvements and buildings insurance

This article is based on my research and does not constitute financial advice. I have included links to http://www.lloydstsb.com as I feel they may be helpful to the reader for general information purposes only.

Whether you are upgrading your property to sell or making changes to cope with a growing family, you should be aware alterations can often affect the level of buildings insurance cover you require. In fact, if you have made significant modifications to the exterior or structure of your home, you may find your whole policy is also in need of refurbishment.

For those who have already set up buildings insurance on a property, you'll no doubt be aware the product is designed to cover damage to the outside of your home. But what many may not know is that built-in kitchens and bathrooms are also a part of the deal, which means any new fittings you add may require the original plan to be revised.

Outbuildings, sheds and garages, as well as any walls, gates or fences you might have built within the boundaries of the property might also require a second look at your package, as protection against incidents like fire, theft, vandalism, flooding and subsidence can all be essential.

If it's a new home insurance policy, getting a professional property evaluation might be useful in determining how the plan should be put together. But if you are about to embark on a home improvement project, remember this figure could well change later. But it's not just after the enhancements have been made that you should be thinking about your position. When starting the actual building or DIY work, for example, you should notify your insurer to check and see if you are covered for incidents occurring while the activities take place. Many basic policies will not cover major improvement works, but insurance cover may be possible for short-term projects. Accidental damages can be an expensive problem, particularly when you add them to the budget for a new kitchen, bathroom or extension. So advance preparation could well be the savviest move you make.

One example of an incident that can occur would be unwittingly drilling through a water pipe while installing a new shower, sink, bath or even kitchen cabinet. This, of course, could incur the cost of an emergency call out from a plumber, so in these cases, you might find charges for visits, replacement parts and work on surrounding walls might be tacked on to the overall final bill for the project.

But of course, once the work is done, getting an overall home insurance package that protects the exterior of the building, the fixtures and fittings, household contents and your personal possessions might be a priority.

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