Home renovations can be stressful but it’s also an exciting time when you’re upgrading and refurbishing your house – and the end result is well worth the chaos! Renovation is a great option when you love the area you’re in but the house isn’t quite right for your needs. Many people also go with this option as it means avoiding the stamp duty that comes of buying a larger house.
Before you go ahead with your renovations, it’s important to know what you need to consider when it comes to insurance.
Insurance when you renovate
Whether you’re adding a small deck to the back of the house or having a complete overhaul, the most important thing to do is to let your insurer or insurance broker know what your plans are before you start. This will ensure that you can be confident that your home and contents insurance will cover you for any damage or theft that occurs while the renovations are underway. Generally you’ll find that there is no issue and no changes need to be made to your policy but it’s best to confirm this. The last thing you want is to be well into the renovations only to discover that your policy won’t cover you.
It’s also important that you let your insurer know once the renovations are complete as the value of your house may well have increased which will impact on your premiums. If you’ve transformed your outdated three bedroom house to a modern home complete with extensions, you need your home and contents insurance to reflect this increased amount.
Make sure your tradies are covered too
Remember that it’s not just you who you need to worry about with your home renovations. You will likely need to call on a number of tradies during the process, including builders, bricklayers, electricians, carpenters and plumbers, and it’s important that they have the right insurance in place also.
All of your tradies should be covered under public liability insurance and it’s important to confirm they have this cover in place by sighting their certificate of currency. Public liability insurance means that they’re covered financially if they cause damage to property or injury to a person. This is essential as it means that if one of your tradies accidentally damages something, the cost will be covered.
If you’re contemplating renovations and are not sure what you need to do with your insurance, pick up the phone and speak with your insurance broker. They will be the best one to advise you on what to do so you can be assured that you’re covered.
To discuss your insurance needs for your upcoming renovations or for any other questions, contact Elliott Insurance Brokers today on 1300 635 315 and we would be more than happy to help. You can also fill in our easy online form.