Buildings insurance during renovations
Many South Africans will choose to renovate their home now in order to freshen it up. This could be with a view to selling it on after the work is done or simply giving the property a new lease of life to enjoy themselves.
One thing to consider before starting any renovation work is how your buildings insurance will be affected. While many assume that their standard policy will automatically cover them, this is not always true. Taking your time to find out more in this key area is crucial so you stay fully covered at all times while the work is taking place.
In This Guide:
- Do I need special insurance during renovations?
- Will I pay more for my buildings insurance during renovations?
- Choose your contractor carefully
- How can I get cheaper buildings insurance?
- Compare buildings insurance deals
Do I need special insurance during renovations?
To check this out for sure, it is best to speak with your insurance provider first. By letting them know about your renovation plans, you can find out if your existing home insurance will cover you during this period. While some will, it is key to note that you may have to take out separate, specialist insurance in many cases. The issue can be that standard policies will not always cover renovation projects as the work being done increases the likelihood of you making a claim.
As a rough rule of thumb, you would normally need specialist home renovation insurance to cover the following:
- damage to the building itself or any contents during any work
- theft of building materials or household contents during the work
- accidents to you or anyone else on-site during renovation work
- the property not being lived in for 30 to 60 days
- the proposed works are extensive
As noted already, it really is best to speak with your current insurance company to see if your standard policy gives enough cover. If not, then you need to look around and compare buildings insurance which does.
Will I pay more for my buildings insurance during renovations?
It could be the case that you have to pay more for your insurance when having any renovation work done. This will be down to the new fixtures and fittings in your home being more expensive and therefore costing more to replace if needs be. As we have already looked at, building works can put your property or the contents in them at risk of damage. To reflect this increased risk, your buildings insurance could go up during any works as you are deemed as more likely to make a claim.
Choose your contractor carefully
A major part of any renovation work is choosing the right contractors to use. This is just as key when it comes to insurance cover while any work is going on. As the property owner, it is crucial to know that if a worker or anyone else is accidentally injured while on-site or around your home, you could be held liable for damages. One good tip before hiring any contractors is to check they have insurance for their workers to help in this area. You should also review the level of liability cover you have in case of claims too.
In many cases, increasing this level during the works may be wise in case of any major incidents. Choosing a reputable contractor is also key to help save on additional insurance costs that faulty or incomplete work could bring to the project. If you use one who does not comply with South African building regulations, then the work may have to be done again which will extend the project length and have you paying out more in insurance as a result.
How can I get cheaper buildings insurance?
By far the best way to get cheaper buildings insurance is to look online. Price comparison sites help South African citizens find the best deals around and access cheaper insurance policies. Comparing prices in this way is also much quicker than individually doing the comparison yourself. If you do need specialist home renovation insurance, this is also the best way to find the cover you need at a low price. When you find the type of cover you require, then it is as simple as clicking the button on-screen to begin the process of applying for it.
Compare buildings insurance deals
If you are looking for cheap buildings insurance or to compare home insurance which covers renovation work, use our handy comparison site today. We bring together all the latest deals and best prices to save you the hard work of doing so manually. By using our site, you will never miss out on the best quotes and be able to get cover that is both cheap and comprehensive.