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How Do Home Renovations Affect Your Home Insurance?

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Marcus Wend

If you’re renovating your home at the moment, or have a big project planned, you might be wondering how these changes could affect your home insurance. Well, renovations can and often do affect home insurance policies, but this isn’t something you necessarily need to worry about. In this blog, we’ll go through some of the ways your renovation project might have an impact on your insurance policy.

Increase in Calue

Home renovations can often increase the value of your home, which may also increase how much you pay for your home insurance. This is especially true for people who have extensions fitted or building work carried out. However, it’s still possible to find a cheap home insurance quote after the work is complete, it might just mean changing your current policy. Make sure you’re upfront and honest about how much your home is worth and how much the renovations are going to add on.

Special Cover

Home insurance doesn’t always cover all your belongings and if you’re having some particularly ambitious renovations carried out, you may need special cover. For example, swimming pools may not be covered under your policy, but you probably will be able to buy an add-on for it. However, your current insurer may not be able to offer that, so you may have to shop around – make sure you start looking in good time so that you’re protected once your renovations are done.

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Added Risks

Some home insurers will need you to inform them of any construction works that are going to be happening. This is because your home will be at a higher risk of becoming damaged while building works are happening. Some home insurance policies will be invalidated by renovations, so it’s always best to check before starting your construction project. This may mean paying slightly more for a short period of time, but it will be well worth it if disaster does strike.

It’s also worth making sure you have all the documents you need for the renovations to go ahead legally. Failing to get permits and carry out health and safety checks may invalidate your home insurance policy. If your insurer ever questions whether your renovations were carried out lawfully, you want to be able to confidently provide them with proof to speed up your claims process.

Potential Decrease in Premiums

If your home renovations are going to make your home safer and less of a risk to your home insurance provider, you may see your premiums decrease. For example, the installation of a comprehensive security system will make it much less likely that your home will be burgled. Some insurance providers will reward you for this, so make sure you reevaluate your policy you’re your renovations are completed.

Making renovations on your home can complicate your home insurance policy, but they can also have a really positive impact in the long run. Just make sure that you have everything in order before starting work and your project should go smoothly.