Do I need to inform my insurance about my new home extension?
BUILD | EXTEND | RENOVATE | REPAIR
Don’t assume your existing policy will cover the additional works
When it comes to insurance policies. We’ve all heard the saying “You should have read the small print”.
Some insurance companies nowadays seem to be experts at charging you large amounts of money for providing insurance and when it comes to claiming they explain you weren’t insured for one reason or another.
It is always best to contact your insurance provider before you begin any building work on your new home extension.
Make sure you’ve covered your basis
Because every insurance has its own terms and conditions. It’s better to email them to inform them and ask them for their guidance. It’s better to email so you have an electronic record of what they have advised during their response.
They may advise you to take out additional cover for the building work being undertaken. You shouldn’t assume that the builder’s liability insurance will be enough to cover you in every unfortunate circumstance.
An additional extension insurance for the extent of the build should cover for the following:
· Damage to your existing home caused by the new extension.
· If building work is done to a substandard level or if things go wrong.
· Damage or theft of materials left at your home.
· Damage or theft of hired equipment left at your home.
When new structural openings are formed. Usually, a temporary partition will need to be formed. There is a greater risk of burglary when the security to your home is compromised. Ask the insurance what they require to be implemented to ensure you are covered in the event of this misfortune.
Once your home extension is complete
You should notify your insurance and make them aware of the additional space. Your homes and contents insurance will need to be updated. It needs to reflect the additional space and added value of your home. This may increase the premiums but it is critical you let them know to avoid issues in the future if you need to claim for mishaps.
Other insurances to consider
There are insurances available for full renovations. They may wish to know if you intend on staying in the property while the work is being carried out or if you intend on doing all or some of the building work yourself.
Your appointed builder who is carrying of the extension should provide you with a copy of their public liability insurance prior to the work beginning.
For more information
For more advice and guidance on making sure the necessary insurances are in place. Contact Gibbons Construction Management.
Gibbons Construction Management
Build | Extend | Renovate | Repair