Do you know what’s insured when you’re renovating?

By Laura Crowden 

When renovating, plans, supplier choices, building works and selections obviously play a big part in the project management but another important necessity is ensuring you have suitable home and contents protection. Without it, you could be left with unnecessary costs should the unthinkable happen.

Understanding the terms and conditions of your policy is vital as not only could you be underinsured, a claim could be deemed ineligible if you don’t meet certain criteria outlined by your provider.

So as a renovator, what should you look for when it comes to insurance? Thanks to iSelect, we have a list of do’s and don’ts to ensure you aren’t caught out.

DO

• Check your existing home insurance policy covers renovations. If it doesn’t, find out what policy or level of cover incorporates renovations. It’s also a good idea to do research into what other providers can offer to ensure you are getting the best value. 

• Verify the maximum cover available if you were to put in a claim during the period of renovations.

• Make sure your builder has adequate work insurance cover (separate to home and contents insurance). For those planning to take on works themselves, make sure you take out domestic building insurance to cover yourself financially. 

• Keep your house protected during the period of renovations through general upkeep such as mowing the lawn, collecting the mail, leaving lights on and only having expensive fittings installed when the house is secure or someone is residing within it. 

• Post renovations, re-evaluate your sum insured as presumably the value of your home and contents is likely to have increased.

DON’T

• Assume that your current house insurance covers all facets. As our circumstances change, certain amendments and inclusions can go unmissed if you don’t regularly review and update your cover.

• Leave your home and contents unprotected during renovations through lack of security or exposed entrance ways – this too could hinder a claim should something be damaged or stolen. 

• Assume your existing home and contents provider will give you the best deal for a policy when renovations are finally completed. It pays to compare providers before locking in an agreement.   

• Move out for an extended period without checking your policy. There are some policies that consider cover redundant if you are living elsewhere for an extended period while works are underway.

Preparation is key – so for peace of mind, that extra bit of due diligence can certainly pay off to ensure your most valuable asset is protected. If you are planning a renovation and want to find a suitable insurance provider, visit iSelect for further information.