When planning to extend your home, it’s only natural to want to focus on the end result rather than read the minutiae of your home insurance policy. But as Phil Alexander from Shene Insurance explains, you can’t leave your insurance to chance with your most valuable asset.
“Before any contractor moves into your home, you need to ensure that you and your builder’s insurance policies are properly set up. To sidestep this issue can have costly consequences that are just not worth the risk.”
Your property insurance
Always inform your insurance company about any building works that will be taking place. It may open a can of worms but be open and frank as to what is happening. Are you living at the property? Is the property going to be unoccupied? Are there JCT contracts in place?
Should your insurance company refuse to continue your policy or put in conditions which are unacceptable – don’t panic. There are specialist insurance policies available so talk to us.
Your builders insurance
Ensure your builder has a Contractor’s All Risks policy. The builder under a contract may be responsible for the new extension and you as the property owner for the existing building – but when money has been paid out by you, and spent by the contractor on the works, who would pay out if storms or fire damaged the extension before it was fully complete?
It is these issues where you need clarity and protection. Feeling unsure? Talk to Shene Insurance and we can advise you.
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