Home owners urged to extend insurance when they extend their home
Home improvers need to think about extending their insurance as well as their property or their plans for a dream home could quickly turn into a nightmare. The warning from buzzmove, the home moving and home insurance tech firm follows recent reports that would-be up-sizers are extending and improving rather than moving to larger properties.
Damien Seaman, Head of Brand at buzzmove said: “Moving home is an expensive and stressful business and while firms like buzzmove are taking away some of the pain points by making it easier to find removal firms and by using video surveying technology, if you like where you live and have scope to add space, home improvement is a bit of a no-brainer."
"However, it’s vital that the correct level of home insurance is in place not just for the build itself but for the remodelled home. The problem is that many homeowners do not consider updating their insurance until it comes to renewal, if at all. This could leave them at risk of underinsurance or at worst without valid insurance cover if they haven’t disclosed the fact they were having building work carried out.”
Adding extra rooms, converting a loft, extending existing spaces or even upgrading the kitchen or bathroom will have an impact on the property value and its rebuild cost. This changes the level of risk and therefore the level of home insurance required to cover the property – both while and after the renovation work is carried out.
Damien Seaman continued, “Before starting any building work, tell your insurer and create a really accurate record of everything you own, with proof of purchase, so that if you need to make a claim you have the records to support it. Most of us massively underestimate how much we own so the start of a building project provides a good opportunity to take stock – quite literally. If you plan to move out and remove most of your contents while the work is completed, it makes sense to use a removal firm who can create a digital inventory for you. This way you will have an accurate record of your possessions which can be updated as you make new acquisitions for your extended home. This digital inventory can then be shared with your insurer if you need to make a claim."
“Increasing the level of home insurance will provide vital protection of the home owner’s investment, as well as peace of mind while building work is carried out,” Damien concluded.
In 2018, buzzmove will launch buzzvault insurance, providing home movers and home improvers with access to high quality home insurance based on an accurate digital home contents inventory, reducing the risk of underinsurance whilst promising a speedy claims service.