At present in the UK there are many properties requiring renovation either with minor decorational works needed or a major update in the construction. It is imperative that insurers know about all works being carried out no matter how small to make ensure suitable renovation insurance is in place.
Please note that Endsleigh Insurances (Brokers) Limited cannot provide a quotation if renovation work has already begun.
What does our renovations insurance cover include?
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Cover for property owners liability as standard up to the value of £2 million
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Cover while property is empty pending renovation
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Access to a panel of specialist insurers
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Cover available when structural work is involved
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Conversion into standard insurance when work is completed
Many insurers will not cover any work other than decoration and may impose restrictions on the works you are planning; to avoid these issues make sure the property insurer can be flexible with their terms.
Renovation insurance includes a whole range of protection not typically included or needed with a standard home insurance policy. Remodeling, renovating or refurbishing which could take longer than a month is more than likely to require specialist home insurance such as renovation insurance; after all an unoccupied property also increases the vulnerability to vandalism and fire.
What information do insurers need to provide renovations insurance?
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Timeframe of works
Insurers like to know when the renovations work will start when it will be finished and if you are carrying out the work or employing a builder.
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Cost of the works
How much you are planning to spend inclusive of VAT as this will depict the risk they will be accepting.
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What is being changed
This needs to be detailed, so if there are walls being knocked down or if a kitchen or bathroom is being replaced the insurer needs to know.
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Who will the works be completed by
This is to give the insurer an idea if this is a hobby or business and if the time-frames are accurate.
What is a Joint Contracts Tribunal (JCT)?
The Joint Contracts Tribunal was established in 1931 and is an independent organisation representing the construction industry. The JCT is the leading provider of forms used to create a building contract. JCT contracts provide protection against any issues with a builder and also adds clarification as to what the agreement is.
This is often a case of downloading a form and completing in line with instructions, if you want to find out more see below.
http://www.jctcontracts.com/files/gsamc2011.pdf
http://www.jctltd.co.uk/category/home-owner-contracts
