Home Insurance quote based on future state after renovation

Panks

Hello All,

I am about to buy my first home (waiting final contract exchange).

I've started looking at home insurance quote. In order to get a reasonable quote, i need to have a BSI approved doors, alarm systems, memeber of the neighbour hood watch etc..

Once I have possession of the house, I would be upgrading the house doors, full re-wiring to latest standards and fit the Alarm systems. None of the work is complete yet.

I wonder if i should sign up for the home and content insurance policy based on

1) Current state of the house - i.e. Door lock are not BSI standard.
2) Future state (1-2 months renovation from the time of purchase) of the house. i.e. by end on November, I would have BSI standard door, burglar alarm etc fitted.

Thanks
P

paddyandstumpy

You should incept the risk on the current state of the property, including current security in place.
You should also try and find a provider who is then willing to accept renovation work (i.e. the new wiring), any Broker (not Swinton) should be able to help you with this. The danger of just taking the cheapest online quote, is the insurer may not be willing to accept the property when you are having work done, or may charge exorbitant fees for acknowledging this.

Panks

Thanks Paddy and Stumpy,

I have called a few insurance agents and they have outright refused to insure property undergoing renovations such as electrics etc..

Based on your suggestions, I guess i have to speak to insurance brokers who would be able to find someone who does insure the property.

P

paddyandstumpy

A good high street broker will fight for their clients and speak to the right people within insurance companies, I'd recommend someone like that. Not Swinton!

If you explain (and make sure they explain too!) that the property is in a good state of repair (assuming it is habitable??), and rennovation willl start once the policy is in force, not beforehand.

Alternatively ask the Broker for their experience in which insurers will insure renovations at MTA, and then just take out a policy with that insurer, not disclosing future planned works. Unless you're asked the specific question, you're under no obligation to volunteer this information.

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