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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