It’s all too easy for your dream home to become a nightmare
The plans are approved. The contractor is appointed. What about the extra risks when the building project is underway? Most homeowners think their contractor’s policy will cover everything, but this isn’t the case – so we’d always recommend you have your own Renovation Insurance.
What is Renovation Insurance?
For projects costing £75,000 or more, Renovation Insurance will protect your home and the building work against a wide range of risks. There are no hidden exclusions or terms applied to the policy. And any warranties are clearly stated – so you can make your contractor aware of the conditions they have to comply with.
"There's a real lack of understanding among homeowners embarking on a renovation or refurbishment project. Many people are led to believe that Contractors' All Risks Insurance protects everything, but this is simply not the case. With a choice of flexible policies, taking out your own Renovation Insurance policy is very straightforward. More importantly, it puts you in control at a time when your exposure to risk is much greater than normal."
– Carl Sharp, Renovation Insurance specialist at Macbeth
How Renovation Insurance protects you
Renovation Insurance gives you comprehensive cover for the existing building, the ongoing contract works, your liability as a landowner, and any machinery and materials used on site. It can also be extended to include employer’s liabilities and unintentional damage to neighbouring properties.
Relying on your contractor's insurance can be a costly mistake. With your own Renovation Insurance in place, you can be confident you've got everything covered.
- Comprehensive protection – you’re covered for risks including fires, flooding, storms, theft and accidental or malicious damage
- Live in or move out – our specialist insurers will cater for any scenario, whether you want to continue living at home, move into temporary accommodation on site or leave your property unoccupied during the renovation work
- Flexible cover – your policy can easily be extended with the addition of a pro-rata premium
You may not want to rely on your contractor’s insurance, especially when large sums are involved.
Why you should consider Renovation Insurance
- In our experience, no homeowner truly understands their exposure until it’s too late. With your own Renovation Insurance, you’re in control from the outset – and you can be confident you’re covered for all the risks associated with a building project.
- In the event of a claim it all comes down to proving negligence, which is very difficult to do – and your contractor’s insurer may refuse to pay on the grounds of their policy wording.
- Whatever the outcome of a claim, it won’t be a speedy process – so you may not want to rely on your contractor’s insurance, especially when large sums are involved.
- Arranging insurance for high-value homes that are undergoing, or due to undergo, renovation work usually requires a broker who has access to specialist insurers – and who can provide the necessary expertise, particularly in the complicated area of JCT contractual requirements.
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"I have recently taken out buildings and contents insurance for my home through Macbeths. They gave me real confidence that they understood the nature of my requirements and they were able to provide me with several cover options, with a number of different insurers. This was really helpful as it meant I could choose the level of cover I felt comfortable with, as well as one that suited my budget. Their service was professional, efficient and very helpful. I now have peace of mind that I am adequately covered and confidence that, in the event that I need to make a claim on my policy, Macbeth will assist me in that process. I have no hesitation in recommending Macbeth’s services."