Do You Need Renovation Insurance for Homes and Properties?

If you are renovating a new, old or existing property, whether it be a manor house, apartment or old-fashion cottage it?s a good idea to look into getting renovation insurance. This applies whether you?re doing some DIY renovation or hiring a professional contractor. Find out if you?re eligible for (or need) renovation insurance before getting started on the project.

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Renovation insurance (also known as house renovation insurance or renovation property insurance) is designed to financially protect your project from any unforeseen or uncontrollable accidents or incidents that might impede the successful completion of your project. After all, you don?t want to get halfway through a project only to find you have run out of cash and all the necessary resources to get the job finished on time. Ultimately, house renovation insurance is usually dependent on a number of different factors, including the following:

• The condition of the property. If your renovation can?t be approved as feasible given the current state of the building, then you might not be able to get insured ? it all depends on the likelihood of success, as companies don?t want to see a house collapse halfway through a reconstruction project.
• The estimated length of time for the project.
• The property?s location. Again, this might affect the success of the renovation; if the home is atop a hill or in an area prone to heavy winds and rain (and even thunderstorms), then you have to be able to guarantee that the reconstruction work will survive these challenges.
• Legal difficulties. If your renovation project has already run into a tangled web of delay and rows before work has even begun, you might have to delay applying for renovation insurance until this is all sorted as insurers rarely want to cover work that is almost 100% likely to be challenged later on (whether by neighbours or the local authority).

If successful, renovation insurance will usually include some of the following benefits:

• Cover for the Existing Structure
• Cover for the Work & Repairs (carried out by either you or the contractor)
• Contents Cover (if applicable; uninhabited home rarely require this kind of cover)
• Legal Expenses
• Public Liability Insurance (which you need by law, to protect third parties from accident or injury and yourself from any unfeasible compensation claims)

To find out if you are eligible for property renovation insurance, you will need to check if your project requires planning permission or listed building consent, as well as any other building regulations with your local council, who will ultimately asses your home?s or the building?s eligibility before you get in touch with insurers. They will then conduct another, final assessment to determine which criteria your home can be covered for ? it?s rare that a single project will be eligible for all the benefits listed above. Before signing with an insurer try to get as many different quotes as possible, just to make sure you have found the best deal for your property renovation.

Related articles:

1. How to Find a Property in Need of Renovation
2. Do You Need Central Heating Insurance?
3. How To Get Home Renovation Grants In The UK
4. Plumbing Insurance ? Do You Need It?
5. How Much Your Home Renovation Will Cost

Source: http://www.servicemagic.co.uk/resources/renovation-insurance-for-homes-properties/

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