Insurance when doing a major renovation

[Deleted User]

Hi all

Just checking if such an insurance exist. We are looking to do a loft extension, potentially, in a few years time. I've heard horror stories of builders running off with money or something structurally major going wrong. 

Is there some type of insurance that will cover you for major issue for a big build project like an extension? 

Section62

Deleted_User said:

Hi all

Just checking if such an insurance exist. We are looking to do a loft extension, potentially, in a few years time. I've heard horror stories of builders running off with money or something structurally major going wrong. 

Is there some type of insurance that will cover you for major issue for a big build project like an extension? 

Not really, unless you employ someone to manage and deliver the whole project for you, in which case they should have some form of professional indemnity insurance, but even then it is unlikely to cover you for everything.

The problem is there are so many different risks it would be difficult to have a comprehensive insurance policy. Generally it is more important to minimise the risks - e.g. by having a structural engineer do the structural design, by employing a builder with adequate insurance, and making sure you don't employ one who is likely to run off with your money.