3 April 2023

Renovation insurance is different to home insurance

By Self Build Zone

Renovation Insurance: A home renovation project can improve your quality of life, increase the value of your property and turn a basic house into a dream home that fits your style and aspirations. With the right remodelling, design tweaks and contractors, anything’s possible. However, renovation projects come with inherent risks. In this blog, we will explore the benefits of renovation insurance and how it can safeguard you against potential financial losses.

It is vital to have a comprehensive home insurance policy before beginning any house renovations. Renovations such as extensions and loft conversions may not be covered under your existing house insurance policy, so informing your insurer of your plans beforehand is essential. In addition, it is beneficial to understand what types of renovation work are typically covered by standard home insurance policies and when specialist renovation insurance might be required. Doing this will ensure that you are adequately protected throughout the process, right from the beginning.

What does renovation insurance cover?

Renovation insurance is an important form of protection for those undertaking home improvement projects which are more than painting and decorating. It safeguards against unexpected events that can lead to costly overruns and provides coverage for any accidents or damage caused during the process. This includes public liability insurance, which pays out compensation if a third party gets injured due to the construction work, or if any property is damaged due to the renovating activities. With appropriate renovation insurance in place, individuals and businesses involved in projects can have peace of mind that they are adequately covered.

Renovation insurance includes unoccupied property insurance to cover any damages resulting from theft, vandalism, or fire. Building materials and equipment coverage is another item commonly included in renovation insurance. This protects the tools used on the construction site, which can be quite expensive.

The Self-Build Zone renovation insurance policy extends to cover all new works and materials until completion of the project, though extra contents protection may be necessary for complete protection.

Understanding liabilities

We understand that family, friends and other people could get hurt or cause damage to someone else’s property while working on your renovation site. To ensure everyone is adequately protected from unexpected circumstances, our policy includes Employers’ Liability and Public Liability insurance as part of the standard package. Furthermore, we will also cover the cost of defending claims or pursuing them if necessary – all in addition to protecting your tools and equipment during the renovation period. Home ​Renovation Insurance is available in various policy durations, which can be extended as required.

Many people need to understand that standard home insurance will not protect them thoroughly and comes with many exclusions. Fortunately, home renovation insurance is the most convenient and effective way to safeguard your renovation project. Relying solely on your builder’s Public Liability isn’t advised, as you must prove their lack of responsibility in order for any cover to apply.

Home renovation can be exciting and rewarding! You can improve the aesthetic of your house with the potential to increase its value. However, you do need to protect against any potential risks that may arise during the process – from material damage to injuries.

Most projects go from start to finish without making any claim. However, should the worst happen, you can have complete peace of mind that our Site Insurance will reduce your liability to an absolute minimum.

Explore our Renovation Insurance products for further details on specific project insurance needs.

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