Property Undergoing Renovation
There are many properties requiring renovation either with minor decoration 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 ensure suitable cover is in place.
As property insurance specialists we are used to the variety of risks that are presented to us. We can arrange buildings cover for all types of properties that are empty pending renovation or undergoing renovation, however the actual works taking place will not usually be covered under your Buildings Insurance policy, they should be covered by the Contractor carrying out the works.
However, there is a new product available to us now which extends to provide not only Fire cover for the existing building, but also Public & Employers Liability cover for the site and any employees taken on to carry out works. Furthermore Contractors’ All Risks cover is available to provide protection for the ongoing works, be they partially completed or still in the form of site materials and also employee tools on site.
When renovations are completed and the property becomes occupied, cover can be extended to include a full range of perils including Loss of Rent & Accidental Damage to Buildings. We can also extend your cover to include cover for the Listed / Period Protected External Features of your property.
5 Tips when placing cover for your property which is Undergoing renovation
- The cover provided under a building policy during the course of renovation is limited to Fire, Lightning, Aircraft, Explosion and Property Owners Liability only
- UNLESS you have availed of our new Property Under Renovation product which is new to the market
- Property Owners Liability limits available are either €2.6m Limit of Indemnity or €6.5m Limit of Indemnity
- Ensure you notify your Contents Insurer, if applicable, as cover may be affected whilst the works are taking place
- Confirm that the builder/contractor who is doing the work on the property has their own Public Liability, Employers Liability and Contractors All Risks (with a site limit to at least the value of your works) cover in place.
- Premiums are normally priced on a minimum and deposit basis which means that in the event of mid-term cancellation, Insurers will retain a minimum and deposit percentage of the premium i.e. partially or fully non-refundable.
Remember: The renovation works being carried out at your property are not covered under your current buildings insurance policy. Any damage caused to the works being carried out will be covered under your Builders Contractors Insurances. i.e. Contractors All Risks / Public Liability, OR under our new Property Under Renovation product, so it is imperative you check with your builder that they have adequate cover in place for the value of the works.
