Home insurance policies could be jeopardized by certain do-it-yourself (DIY) projects.
As the new year approaches, many homeowners are gearing up for renovations, with one in three planning to do the work themselves, according to a survey by Go.Compare Home Insurance. However, a lack of communication with insurers could leave these homeowners vulnerable to financial risks.
The survey found that one in ten Brits planning DIY home renovations this year are uninsured, potentially leaving 245,870 UK households exposed. This is concerning, as most standard home insurance policies do not cover significant structural work, and failure to notify your insurer could invalidate your policy, leaving you unable to make claims.
Nathan Blackler, home insurance expert at Go.Compare, stated that it's always important to notify your insurance company of any plans to renovate the home. "It's crucial to ensure that you have the right level of insurance coverage in place before starting any renovation work," he said.
The study warns that homeowners should notify their insurance company of any plans to renovate, especially if it involves major structural changes. Altering your home's structural layout, removing a load-bearing wall, installing a new roof, adding double-glazing or triple-glazing, and undertaking major cosmetic renovations like replacing a kitchen should be notified to your insurer.
Modifying the wiring or plumbing, installing new cladding, and undertaking minor building works like painting, fitting wall units, replacing carpets, retiling, or wallpapering typically don't require additional coverage, but it's still advisable to contact your insurer before starting any renovation.
The study by Go.Compare Home Insurance found that even those with home insurance can still be at risk of financial hardship if they carry out work without notifying their insurance provider. This is because some policies may not cover renovations, so it's worth purchasing additional cover for the duration of the work.
The survey also found that nearly a quarter of those planning home renovations intend to proceed without professional assistance, potentially opening themselves up to further risks. Completing home renovations without certified professional help could void insurance claims in the event of an accident or damage.
The study by Go.Compare Home Insurance cross-referenced the findings with ONS data on UK households, highlighting the significant financial risks some are taking. It's important to remember that your home is likely your most valuable asset, and taking steps to protect it is essential.
For peace of mind, contact your insurer before starting any renovation to discuss the necessary coverage. By doing so, you can ensure that you have the right level of protection in place and avoid any potential pitfalls. Always consult your insurer before starting significant renovations to prevent loss of coverage.
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