Property Improvement Insurance
At last, a fairly priced insurance solution for renovators! If you're renovating, restoring or extending your home, it can be hard to get the right insurance, especially while it's unoccupied...
Everybody's doing it except the household insurers, it seems. Many people move out of the city for the tranquillity of the countryside, but find the older properties available don't quite meet their specification as a dream home and undertake major renovation and restoring projects. Others buy investment property to complement failing pensions, and need to extend or refit on a large scale.
But arranging insurance can be a real headache: getting cover for unoccupied properties pending and during renovation can delay or even jeopardise completion on a property sale. As the number of privately managed renovation projects increases, most standard household insurers are not accommodating unoccupied properties and buildings under renovation. Listed properties and barn conversions are a particular problem under most homebuilder policies.
Often insurers will only offer fire cover, which is insufficient for a lender's requirements, leaving buyers faced with a limited range of highly expensive insurance policies - some costing ten times the standard rate or more. Renovators also need to have some public liability cover in place to ensure that if a contractor or other person injures themselves in the property, they will not be fighting a civil action alone.
Whereas many people prefer to engage a main contractor to undertake and manage the entire renovation, growing numbers are electing to self-manage the sub-contractors alone or with the help of their architect. If you do opt to self-manage your renovation project, you need to insure not only the existing structure but also the works in progress - as well as buying employer's liability cover if labour-only sub-contractors are being employed direct. In addition, plant hire firms will require you to insure hired-in machinery before they'll release equipment.
La Playa provides a flexible and comprehensive solution for renovators, including cover for:
- Existing Structure: cover for while your property is unoccupied/insecure - especially if the property is listed. While most household policies would only provide basic fire cover for the existing structure during the works, La Playa's Renovation Portfolio offers the full range - including "All Risks" and Subsidence cover.
- Property Owners Liability: to protect you from claims for injury or damage to people other than your contractors (inspectors, visitors, even trespassers)
- Contractors All Risks (CAR): the cover traditionally held by the lead contractor, including Employers Liability, Contract Works, hired in plant etc.
- Any combination of the above depending on your project
Don't let "computer says no" insurers put you off your dream project - contact us for more information and a competitive quotation
For advice and information on insuring during renovation, make an enquiry.
For yet futher information on insurance issues for repair, alteration or extension work, click here..