Extending your home
masterquote offers
insurance advice for homeowners planning on increasing the size
of their property
Despite the recent slowdown in house price rises many people are
choosing to move up the property ladder by improving their existing
house rather than incur moving costs. Before beginning significant
renovations or extensions, however, insurance intermediary masterquote,
is advising homeowners to call their household insurer to check
they are adequately covered for theft or damage while building work
takes place.
Comments Sandy Dunn of masterquote,
"Exterior walls are often knocked down during the process of building
extensions, this leaves a property insecure and a welcome target
for burglars. Therefore it's important for anyone considering an
extension to inform their insurance company before work begins."
According to masterquote,
cover may differ by insurer, but all insurers will need to know
the likely period of works and what exactly is being done. Depending
on the nature of the work, people need to be prepared that their
insurer may place restrictions on the insurance cover or temporarily
increase their excess.
Dunn continues, "Insurers cover risks. Therefore, not only is it
important for householders to make their insurer aware of any increased
risk during building work, but they also have an obligation to exercise
due care and a responsible attitude to security during building
works. It basically comes down to common-sense. For example, leaving
the property overnight if it is not properly secure would be irresponsible,
but going out for the day while builders are on site would be acceptable."
masterquote
is also advising homeowners to remember to extend their household
insurance cover once building works are completed. Not only will
an extension add value to a property, but the re-building cost will
also go up. The company advises homeowners to speak to a surveyor
to estimate the new re-building cost which their insurer needs to
know.
Sandy Dunn concludes: "For many people who 'grow out' of their
homes but don't want to move, extensions are the answer. But homeowners
must remember that extending their home also means extending their
insurance to ensure they are covered in the unfortunate event of
damage or a break-in."
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