Home renovations help to turn a property you like into a property you love. Whether you’re adding an extension, refurbishing your kitchen or completely overhauling the entire place, these projects often involve significant investment and planning. If you haven’t already, take some time to consider renovation insurance.
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Acquiring a renovation insurance is a wise move for projects of all types and sizes. Having adequate financial protection gives you some peace of mind among all the other uncertainties and worries, and it’s likely to save you money down the line.
What is renovation insurance?
Renovation insurance is designed to cover you and your property as it undergoes improvement work.
Unlike standard home policies, cover applies to the risks associated with construction activities, including damage to the existing structure, new works and the tools and materials on-site. This can help you get things back on track if a renovation goes awry.
Protecting your investment
The primary benefit of renovation insurance is the protection it offers for your investment. Renovations can be costly, and any damage during the process could leave you with substantial financial losses if you’re without cover.
If a fire breaks out due to electrical work or a severe storm damages the unfinished structure, repair costs may threaten the entire project. Renovation insurance gives you the financial safety net to ensure that unexpected incidents like these aren’t catastrophic in the bigger picture.
Mitigating liability risks
Home improvement projects tend to involve various contractors, including builders, electricians and plumbers. Having these workers on your property brings potential liability risks. If a contractor gets injured while working, you could be held liable and ordered to pay compensation.
Renovation insurance usually includes some level of public liability cover, which protects you financially in the event of one of these claims. You’ll avoid out-of-pocket expenses and the potential hassle of legal battles.
Covering theft and vandalism
Construction sites are prime targets for theft and vandalism. Tools, machinery and building materials are extremely valuable and often attract criminals looking for a quick payday. For you or your contractors, this can result in significant financial losses.
Taking out a renovation insurance policy covering theft and vandalism ensures that any stolen or damaged items are replaced or repaired without the financial burden. This is particularly crucial if your property goes unoccupied for any extended period during the renovation.
Peace of mind
Few things are more important than peace of mind and renovation insurance offers that in abundance. Knowing that you’re financially protected against a wide range of risks allows you to focus on the creative aspects of your renovation project.
Having more time and brain power to devote to your project can be invaluable. Reduced stress allows for smoother project management and a greater chance that you’ll get things right the first time around.
