Just Renovated Your Home? You Might Need Better Contents Insurance

Just Renovated Your Home? You Might Need Better Contents Insurance
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    So you’ve just renovated your house or flat, made it into a home of which you can be proud and increased its market value. What could possibly go wrong?

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Well, the fact that your property is now potentially more valuable means that it’s important that you re-examine your insurance cover to check that it’s adequate.

Types of Home Insurance Cover
There are two types of home insurance cover. Buildings insurance covers the actual building in which you live, including the cost of a complete rebuild should this ever be necessary. Contents insurance covers all of your property within that building; things, such as your TV and computer, which are not permanent fixtures.

Having a contents policy in place is necessary so you can insure your belongings against theft, fire or other damage. Most people, once they’ve renovated their house or flat, like to buy new things to use and enjoy within their improved home. Therefore, there is a need to review your contents cover as it may need to be increased.

Choosing the Right Contents Policy
It is important that you select the right level of contents insurance. With too much cover, you will be paying an unnecessarily high premium. However, if you skimp and your cover is inadequate, you may not be able to claim for the full extent of a major incident.

Contents cover usually works on a ‘new for old’ basis; that is, the current cost of any lost or damaged item you need to go out and replace. You, therefore, need to calculate the cost right now of replacing your contents so that you can select the level of cover that you need.

Amending Your Insurance Policy
Once you have insurance and you have carried out renovations your best bet is to contact your insurance provider directly and be totally honest and upfront about it. Make sure it is clear whether or not you need to increase your cover and if they do not tell you, ask the question. It’s always better to be fully informed and calls are always recorded so that you can cover your own back if there are any difficulties in the future.

Perhaps you have bought valuable artwork from a gallery as the centrepiece of a wall and it costs more than £500. If that is the case it may even be classed as an item which needs special insurance – each policy sets out its limits so you can check this easily. 

Future Renovations
Now that you have changed one room you may also be considering further renovations or even something more ambitious such as adding an extension. Permanent changes to buildings insurance are always required if this is the case since policies are based on the house as it stands. Overall extensions will add value to your home but this also means in the event of an accident, such as a fire, that a rebuild would cost more which must be taken into account.

Overall renovating your home is exciting and can add a new lease of life to an otherwise tired property.

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