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Home / Renovation Insurance / What is Renovation Insurance?

  • Jason McClean
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RENOVATION INSURANCE is very simply home insurance for your property that is being refurbished or renovated. It is buildings and if you need contents insurance for the property while the works take place. It can also cover the works themselves, including materials and equipment on site.

Renovation insurance is buildings & contents insurance
At its very base level, Renovation Insurance is another way of saying home insurance. But in this case it is specially tailored to protect a property that is undergoing serious works. That means major extensions, refurbishments and modifications. Anything small like repainting and new carpets is likely to be fine under standard home insurance.

The reason Renovation Insurance is different is because it normally involves a lot more risk for the home owner. The walls may be removed and left exposed. Expensive bricks and materials could be stockpiled in the premises or gardens. Hired plant and machinery could be on site. Workmen could be attending, leaving doors open for long periods of time.

The buildings element of Renovation Insurance will protect the property if it burns down or there are major issues during renovation. Basically if the worst happens then you are protected financially and it will be rebuilt for you.

The contents element will pay out if you are burgled or items are damaged by fire or burst pipes etc. It acts just the same way as normal home insurance.

Renovation Insurance is likely to be very specific to your needs
But because of all the additional risks, Renovation Insurance is likely to be a fair bit more expensive than normal home insurance. That is why it will be tailored to your requirements and project dates. If the walls are going to be open and exposed for 1-week, then that element of insurance for the week is much more than the rest of the year.

If your £100 each Tuscan tiles are piled in the garden for two weeks, then they will need special cover to match. Once they are fitted to the property, the cost of insurance will come down again as they are less likely to be stolen or suffer weather damage.

Renovation Insurance can match your mortgage release dates as well. So you only pay for the insurance you need when you need it. The upshot is that it is a more complicated product but it also ensures you understand what you need and what you are covered for each step of the way.

To save money on renovation insurance, visit The Home Insurer today, it has fantastic rates and products from the UK’s best providers.

Jason McClean
www.thepropertyinsurer.co.uk

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