Gallagher Private Client Spotlight with building works and renovations specialist, Douglas Brown, Managing Director at Renovation Underwriting and discuss common pitfalls people experience when renovating their homes and when should you consider consulting with your insurance broker to help prevent underinsurance.
Review these essential insights before starting renovations.
VIEW BROCHUREThis covers damage to the building/structure already present when the project starts. You can insure this on a standalone basis or under a bespoke contract work package. Your contractor can’t insure this for you.
Standard buildings insurance will generally not be sufficient to insure buildings in the course of renovation, and if it offers any cover, it may be heavily restricted.
This covers damage to loose items that may be in situ throughout the works, or may be in place before the works are finished.
The contract works are the property owner’s capital investment in the renovation project. They include materials, fittings, payments to contractors, and partially completed structures (a half-built extension, for example).
This covers damage to neighbouring properties during the works that is not caused by anyone’s negligence, but that can be demonstrated to have arisen from the works. This specialist cover helps protect neighbouring properties in the event of collapse, subsidence, heave, vibration, weakening or removal of support, or flowing ground water.
This covers liability for injury or damage suffered by third parties following the negligent undertaking during the works. If full control of the site is being handed to the contractor, and particularly if there is a building contract that stipulates that this cover is the contractor’s responsibility, then it is their responsibility to provide project public liability cover, and it is not necessary for the property owner to hold it.
Connect with Gallagher high-net-worth specialists
Renovations can be stressful, but choosing a suitable insurer should not be. At Gallagher, we understand that your home is a high-value asset, and it is crucial to protect it with the appropriate insurance. We work with a number of insurers specialising in renovation work policies. Get in touch with our trusted specialists at Gallagher today.
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