Insuring your Home Renovations
By Alexandra Richards, Private Clients Development Executive
Bruce Stevenson Insurance Brokers are experts at insuring your home and building works. As one of the largest independent insurance brokers in Scotland, we have a specialist knowledge in providing insurance solutions to homeowners who are undertaking high value renovation or extension works. We highlight to our clients why it is important that they should remain in control of the insurance arrangements for their home and the contract works and not rely on a contractor’s insurance to provide adequate cover.
Home insurers are often unable to accept the risk of insuring the home if it is undergoing works in excess of £50,000. The risk has materially changed and is now effectively a building site. This could leave your home uninsured if for example a fire breaks out unrelated to the building works. We work with homeowners, architects and project managers to deliver tailor made policies from flexible and specialist insurers. The product takes into account specific features of the existing structure of the home, its contents and the contract works. These include requirements set out by JCT contracts where applicable, under one ‘all risks’ policy.
Our clients’ homes are often their most valuable asset with rebuild values in excess of £1m and they have many things to think about when planning works. Insurance isn’t always at the top of the list. Our ability to advise how to effectively protect the existing structure and insure the contract works under one policy ensures no gaps in cover or grey areas. This allows a cleaner, simpler claims process should
it occur. Whether the property is listed, a home of heritage status, a country or townhouse, we work with specialist insurers flexible enough to offer competitive and comprehensive cover.
Heritage and period properties can present the most challenging circumstances, often with high rebuild values. We have placed insurance for private homes in Scotland with rebuild figures in excess of £20m which are having millions of pounds spent on renovation.
Today, many homeowners buy a home that they then wish to extensively re-modernise, added to which many homeowners would rather ‘improve’ than ‘move’. We have access to insurers who unlike most, are able to continue to insure a client’s buildings, contents and liabilities within their home policy and combine with this the building works on an all risks basis up to a contract value of £5m and beyond if required.
For further information, please contact Alexandra Richards – 07464 545648 or [email protected]