This is the peak time for longer summer breaks and if you are lucky to have a second home or caravan abroad you may well leave your main home empty for over 30 days. That could mean you are not covered. Here’s the word;
Homeowners are being warned that adding changes to their home could increase their insurance costs without them realising, or worse, void their cover.
Home insurance experts from Quotezone.co.uk are urging Brits to be mindful of certain developments to their home and lifestyle which may cause insurers to raise premiums.
Even small changes, like installing a bathroom or going on a longer holiday, could make a difference to policy prices.
Home upgrades can have a significant impact on insurance costs, as property value is one of the key factors in determining coverage needs and premiums.
While it’s not necessary to inform policyholders about smaller, more cosmetic projects like putting up shelves or giving the bathroom a fresh coat of paint, larger upgrades like fitting a new kitchen, can increase the rebuild cost and increase the risk of damage during construction, so it’s important to let the insurer know.
During renovations, it’s sensible to avoid using unusual or rare building materials – if you’re trying to keep insurance costs down – as they can be harder to source, making repairs and replacements more complex and expensive.
Another thing that can push up home insurance premiums is leaving the property unoccupied for longer periods of time, as it increases the risk of burglaries, undetected leaks or fire damage.
Households who go on longer holidays or work trips may need to take out extra cover to ensure they’re properly insured, as most standard policies only cover homes left unoccupied for up to 30 days.
Helen Rolph, home insurance expert at Quotezone.co.uk said: “As summer draws to a close, many homeowners start to look for new and exciting projects, something to look forward to as the darker months set in or perhaps start home improvements needed before the weather turns cold and stormy.
“Many homeowners might not be aware of the unexpected consequences some of these changes might bring – these additions could increase insurance costs or risk the protection altogether.
“Lifestyle changes also play a big role. Leaving the house unoccupied for more than a month, running a business from the home or increasing the size of your family also increases the risks associated with the property.
“To protect themselves, homeowners need to notify the insurer of any major changes or else they may find themselves uninsured when it comes to making a claim.”
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