THE cost of Renovation Insurance is directly related to the size, scale, cost and time taken of the renovation project. There is no average or typical price to aim for, every renovation project is different and so is the cost of Renovation Insurance. But that doesn’t mean it needs to be expensive, here are some tips on keeping the costs of Renovation Insurance down.
1: Know your renovation project inside and out. Be able to explain what you are doing to the insurer in detail. This will help them understand what you need and the scope of the risk. It is different for a ground floor extension compared to a loft extension.
2: Start the insurance when you need it and stop it when the renovation project is finished. Renovation Insurance is project specific and you will pay on a per day basis for the cover. If you over-run on time or leave the insurance in place after the project is finished, then you are wasting money. If you finish early then let the insurer know and get it stopped and a rebate.
3: You’ll need to know accurately the cost of the works proposed. If you have £10,000 of plant parked in a garden, you need to tell the insurer. They will be able to cover that but only if they know accurately what is there and when. If you have a digger on site for a week, then it needs covered for a week, not the entire project.
4: Stock and materials on site are vulnerable and you need to tell the insurer how much you have and what sort. As much detail as possible as it will allow them to understand the value and create insurance cover to suit. Don’t just go for a round figure £10,000 if it is only £8200. The difference could save you money on your insurance.
5: Take sensible precautions. If plant and materials are going to be on your property, can you fence them off? Can you put security lights up? What about signage saying the site is monitored by police? CCTV would be good. Whatever effective deterrents to thieves you can put in place will help reduce the cost of Renovation Insurance.
6: Normal negotiation tactics apply. The higher the excess, the lower the price of the insurance because you will be taking on more risk.
7: Get at least two or three quotes. This is made a lot easier by The Property Insurer as it allows you to fill in one form that takes two minutes and gets you three specialist Renovation Insurance brokers competing for your business.
As per point 7 above, visit www.thepropertyinsurer.co.uk and get three expert brokers competing to win your Renovation Insurance business. It’s the competition and comparisons that you cannot get anywhere else and will help save you money.
The Property Insurer