Renovation insurance - is it worth it?

vertex

Hi,

Im in the process of buying a house. Its in need of complete renovation (new electrics, plumbing, kitchen etc...)

Is it worth me getting some kind of specialist renovation insurance? Ive got 1 quote and it was for £500!

Surely (excuse my ignorance!) the trade person's insurance would cover any damage, accident etc... ?

What does renovation insurance cover me for? Would I be mad not to get it? What are the best insurance companies to get it through?
Thanks

csgohan4

the trade's person can go into liquidation anytime, who are you going to go to? Will the insurance be valid if the person they cover go bust?

Reardoa

Hi,
Renovation insurance covers the building you are working on (which a tradesman cant cover) and materials, fixtures and fittings of the new works. If you are buying the materials your contractor cannot cover them either.
You cant rely on normal house insurance or unoccupied buildings cover as they often have exclusions regarding unoccupancy and work being carried out.
Although they may carry cover should they cause damage to your building you are relying on the tradesman providing you with insurance details (not always easy). A renovation policy should also cover both public and employers liability. That will cover you if you are held negligent for an accident that occurs on site including trespassers.
You will always pay more for this type of cover due to the increased risks in insuring it and I would definitely advise to get it or you would be uninsured for the whole build period.


Try self build insure as they are backed by Aviva