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
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.