Types of insurance that should be considered for both you and your client to ensure you have the right cover before building work starts.
Buildings insurance is one of the two types of home insurance policies available. The other is contents insurance which protects your belongings. You can buy both types of insurance separately, or you can buy them as a joint home insurance policy.
Financial protection if there’s damage to the structure of your home, such as the walls, roof and floors. It usually covers damage to fixtures and fittings too.
If you own your own home, you’ll need to have buildings cover just in case your home is damaged and needs a repair.
It’s not compulsory, but it’s usually a condition of your mortgage.
If you own your own home, with or without a mortgage, it’s important that this insurance is a top priority.
You don’t need to take out if you’re renting a property. This is because it will be your landlord’s responsibility to make sure the right cover is in place.
Exactly what events and issues you’re covered for will vary between different policies and insurers. But most policies will allow you to claim if your home is damaged by:
This is where the amount your policy covers you for is based on the estimated cost of rebuilding your home from scratch. It’s not the same as your home’s market value, which might be higher or lower.
The cost of rebuilding your home will increase over the years, so index-linked policies are best. This is because they update the sum insured to reflect the changing cost of rebuilding.
This is where the amount your policy covers you for is based on the number of bedrooms you have.
This typically gives you a very high sum insured to protect you against under-insurance. It also means you won’t need to work out the cost of rebuilding your home.
It’s vital to check you have the right levels of cover before you start each new project. You should consider both your Liability Insurance and Contract Works Insurance to ensure you have enough cover for the size and type of project you are undertaking. You should also think about what tools, plant, and materials will be required for each individual project as well as any vacant sites or buildings that should be covered.
Before the work starts, homeowners should advise their home insurance provider of any improvements or alterations that are to take place in their home.
If the house increases in size and value or gains additional contents (carpets, curtains, etc) due to the building works, then the insurance will again need to adapt.
Homeowners should ensure they are covered both during and after the work takes place, otherwise their insurance may be invalid.
Cover is available for a wide range of projects such as porches, internal alterations, loft conversions, extensions and much more.
Each of the policies protects against liquidation, faulty workmanship and structural damage to varying degrees, depending on which policy you choose.
If you’re unsure which one you require for the project you’re working on, simply get in touch with us and we will be happy to assist. Visit Property Contractors 247 and get expert advice now!
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