Building extension - When to increase the buildings insurance?

ahfh1

Hi I have a house that I am going to extend. Let's say the house is worth £100,000 and at the moment I have buildings insurance to cover this current value.

Once the extension has been completed, the house will be worth £150,000.

Should I let my insurer know now that the house is worth £150,000 or do I wait until after the extension has been completed (in 3 months time)?

Will the insurer still insure a house that is undergoing extension works?

Thanks

ormus

most insurance cos now have a set figure. ie 250/500k.
mine is up to 400k. way above the value of my house.
ask and check.


what you must do is inform them of any additional flat roofs. that may increase your premiums.

vijay9

ahfh1 wrote: »

Should I let my insurer know now that the house is worth £150,000 or do I wait until after the extension has been completed (in 3 months time)?

I built an extension last year, and called up my insurance company beforehand to ask them the same question. They basically told me that the premiums will not go up during the building work, and that the house will continue to be insured, as long as the building was ALWAYS secure and not left open. You should inform them once the work is complete, at which point they will probably boost the premiums...

phill99

ahfh1 wrote: »

Hi I have a house that I am going to extend. Let's say the house is worth £100,000 and at the moment I have buildings insurance to cover this current value.

Once the extension has been completed, the house will be worth £150,000.

Should I let my insurer know now that the house is worth £150,000 or do I wait until after the extension has been completed (in 3 months time)?

Will the insurer still insure a house that is undergoing extension works?

Thanks

The sum insured is nothing to do with the value of your house. Its based on the reinstatement (rebuilding costs). Its very easy to have a house that is worth £100 000, but the rebuilding cost is only £80 000. The sum you are insuring is therefore the £80 000.

Conversely, its also possible to have a house, particularly low valus terrace housing that may only be worth £70 000, but the rebuilkding cost is £100 000, so the sum for insurance is £100 000.