WHEN you are working on a building project you will need renovation insurance to protect it, the materials, tools and people who are there as well. Building projects do not come cheap, whether it is an extension, refurbishment or full renovation of a property and that makes getting Renovation Insurance at the lowest cost a top priority.
The good news is that Renovation Insurance does not need to be expensive. It is a specialist insurance product designed to protect against financial loss in very specific circumstances – namely when a property is being renovated. This includes:
1: The building itself needs to be insured like any other home or property against catastrophic loss. This is the same as normal building insurance. So if a fire was to raze the home to the ground, then you want confidence your Renovation Insurance policy will pay for it to be rebuilt. This is the key benefit of any home insurance and must be included.
2: The Renovation Insurance will cover any tools and materials such as bricks and tiles that are on the site against loss and theft. This is a major area of concern for property owners, because having materials on site, in a garden, with minimal security, is an opportunity for thieves. Anything from cement mixers through to small plant diggers can be a target for thieves or scrap merchants as well. Good Renovation Insurance will protect the lot.
3: If someone injures himself or herself while on site, the Renovation Insurance will protect you as the property owner from being sued for damages. This is a form of public liability insurance and is vital to protect you and your family. Any contractors working on the property should have their own professional liability insurance which is a different product altogether and will protect them against you suing them for shoddy work.
4: Renovation Insurance is designed to work to specific dates. It will come into force the day the project starts, the cover will increase when the plant and machinery arrive and it will stop on the day it finishes. That may be only three months or it could be two years – in either case it is different to a normal annual home insurance policy.
Renovation Insurance is a versatile product that will protect you against all the risks you need. To get it at the lowest price you need to compare providers and the policies and prices they offer you. The Property Insurer helps you to do that by filling in one quick quote form that takes around two minutes. Once you compare the insurance offerings you can choose which one gives you the cover you require at the best price. There will be negotiations involved here and if you tell them what you need and the price to beat, you will most likely achieve further savings. That is how to get Renovation Insurance at the lowest price.
The Property Insurer