Home insurance 'likely to be raised by extensions'

Posted : 29-11-2007

Consumers can expect to see an increase in their home insurance premiums after extending their home, according to the Basement Information Centre.

Director of the centre, Alan Tovey, noted: "Your house insurance is based on the value of your property, on the rebuild costs. If you extend your house, whether it's a basement or anything, you're likely to find that your premium will increase."

He urged customers considering an extension to ensure that the project is carried out by an appropriate company and to make sure that people carrying out building work have a sufficient level of cover.

Mr Tovey concluded that basement conversions may have less impact on premiums as they increase head room rather than floor space.

Home insurance provider Lloyds TSB recently advised homeowners to only contract professionals to carry out repairs, maintenance and other work on their property as rogue traders can cause thousands of pounds' worth of damage.



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