PLANNING A RENOVATION OF YOUR HOME?
You’ re not alone.
By Ian Sharpe, branch director, Jelf Swindon
Ian Sharpe
01793 714 431
The last five years has seen a 27 % rise in planning applications, and a huge 183 % rise in applications for basements.
However, it has been shown that only 14 % of homeowners inform their insurers about their home renovations
This oversight could lead to devastating financial disasters in the case of accident or injury during the project, any damage caused to your property during the development, as well as any rights to compensation should the project not go as planned.
You should always tell your insurers before any work commences or they could decline any claims that may arise. Your insurance policy will detail the limits of acceptable works that your insurer will cover. This could be a contract / project value as low as
£ 25,000 but even lower limits are quite possible.
In many cases, the best approach is to arrange relevant renovations insurance, this will provide cover while work is underway – much like travel insurance protects you while you’ re on holiday.
When looking to undertake home improvement projects, you must also consider whether the work will increase the value of your property as this will have an effect on your insurance.
Some examples of home improvements that could affect the cost of your insurance include:
• Building an extension- though one of the most effective ways of adding value to your property, extensions can lead to significant damage if not planned correctly. It is vital that you inform your insurance company about your plans for the property, as well as the insurance you and your chosen contractors have in place.
• Roof renovations – roof renovations and improvement can actually help to lower your claim rate in the long run – protecting against weather and structural damage. However, some insurance companies don’ t cover roof damage in standard insurance policies, so it’ s important to double check your policy before starting work
• Plumbing – water damage is one of the most damaging long-term risks to your property and can be very expensive to correct. It is therefore advisable to alert your insurance company well in advance of having any plumbing work done.
For further information about how your home improvements could affect your insurance cover, contact Jelf via Jelf. com.
Contact details: www. jelf. com Ian. sharpe @ jelf. com
Brunel’ s historic Carriage Works become The Workshed
“ It has been shown that only 14 % of homeowners inform their insurers about their home renovations”
The former Carriage Works building in the heart of Swindon’ s heritage quarter has been transformed as part of a £ 4m regeneration project by Swindon Borough Council.
The Workshed forms phase one of the site’ s development providing 7,000 sq ft of office space, meeting rooms and conference facilities. The business hub marries 21st century facilities with Swindon’ s engineering and manufacturing heritage. 200-year-old floorboards have been recycled into 20-foot high sliding doors, which contrast with geometric pinewood ply staircases leading up to an airy mezzanine space.
150 co-working desk spaces and offices have been created, but The Workshed has proved so popular only one office remains. However, in August another batch of offices will be available for rent.
www. theworkshed. co. uk
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