If you’re in need of more space, you may be weighing up whether to move house or stay put and extend your home.
Many families are opting for the latter, adding extensions to create more space while staying in the home they love.
Whether you’re adding a single-story extension, conservatory, garden room, or orangery, it’s important to consider the wider impact – including home insurance.
Here’s what you need to know about extensions and home insurance, and what you need to do.
Does my home insurance provider need to know about a new extension?
It’s important to tell your provider about any changes to the structure of your home so they can carry out an updated risk assessment.
Building work carries extra risk and your insurer will need to know what’s going on.
The terms and conditions of your policy will probably stipulate that you inform them of any planned structural changes before the work is carried out.
If you don’t tell them and you need to claim, you might find that your policy is invalidated – leaving you seriously out of pocket.
Does this mean my home insurance will cost more if I get an extension?
The quote for your home insurance will be based on the value of your property, so if the building work increases the space you have available – and therefore the property price – it’s reasonable to
expect your home insurance premium to rise too.
A single-story extension can add at least 5% to the value of your property.
For a home that’s worth £250,000, that’s an extra £12,500 – and your home insurance certainly won’t increase by that much!
When calculating the increased home insurance, don’t forget to update your contents insurance too.
Your extension will have carpets, blinds, curtains, and furniture so you may need to increase the amount of cover you have.
Do I need insurance while my extension is being built?
While the building work is being carried out, there are extra risks to your existing structure.
Even the most careful builders can accidentally cause damage which is why insurance is important.
You don’t need to take out extra insurance; the construction company will have employers’ liability insurance and public liability insurance to cover all eventualities.
Reputable building companies will also offer guarantees and warranties with their work, so you can have complete peace of mind that everything is fully protected.
Look for building firms that are professionally accredited such as Trustmark and FENSA.
How much will an extension cost to build?
The quote for an extension is dependent on many different factors such as size, materials, specification etc, so it’s not possible to estimate in advance how much the work may cost.
We price every job individually to ensure you get the very best price and so that you’ll get exactly what you want.
To find out more, get in touch with us today to see how we could help.