Home Renovation Insurance
Your insurer will need to know if you are planning any structural alterations to your home. In many cases a standard home policy may not be able to provide cover, especially if the value of the works is greater than £50,000.
We can arrange a specialist “works” policy for the duration of the building work, whether your home is currently insured with us or not.
Key features of our Works or Renovation Insurance
Compatible with standard JCT contract
Buildings cover for properties undergoing works or renovation designed to fit the requirements of standard JCT contracts (RIAI in the Republic of Ireland).
Building, Works & Contents Insurance
Protect your home, the works and your contents under one policy.
Provides the facility for the policy to be written in the joint names of you and the contractor if required by the contract.
Public Liability cover for you while the work is being carried out, including cover for your liability risk where a contingent exposure arises from the acts of the contractor.
Wider policy wordings where cover is usually provided on an ‘All Risks’ basis including theft, malicious damage and accidental damage.
Who needs Works or Renovation Insurance?
Works Cover or Renovation Insurance is for people who are planning structural amendments to their property. If you are planning any of the below projects or activities then you should contact us to discuss extending, supplementing or replacing your existing home insurance policy.
- An extension
- A loft conversion
- Basement or cellar
- Complete refurbishment
- Replacing or renewing the roof
- Demolition and reconstruction
The list shows just some of the potential projects that may require a specialist works policy. However, any type of construction that will alter the structure/size of the property will be of interest to your insurer.
Why take out Works or Renovation Insurance?
By having just one policy to cover all aspects of your home and any ongoing works, in the event of a claim you benefit from:
- A consistent basis of settlement
- Only one insurer and one loss adjuster applies
- Only one excess
- Removal of grey areas as to what is existing structure and what is works or materials at the time of loss
- Only one point of contact to resolve the claim
- Cover for the cost of renting alternative accommodation if incurred whilst the property is being repaired following an insured claim rendering it uninhabitable.
- Option to extend coverage to insure “non-negligence” type exposures
Joint Names Insurance
When the work being undertaken is of a more substantial nature, you will often employ a professional team to oversee the project.
Architects in particular tend to work with “off the shelf” JCT (Joint Contracts Tribunal) or the RIAI (Royal Institute of Architects in Ireland) contracts for projects in the Republic of Ireland, as these provide a good template to deal with all aspects of the operation of the works and the relationship between the builder and you.
Within the JCT/RIAI contract, you may be contractually obliged to insure in joint names with the contractor, both the existing structure and the works against loss or damage by specified perils.
By agreeing to insure in joint names your existing insurer loses the right to pursue the contractor and recover any costs they may have to pay out in the event of a claim, even if they have been negligent.
Some Insurers can be reluctant to maintain insurance which is in joint names and could seek to reduce their exposure by limiting the extent of cover. You might then be in breach of their contractual obligations as stated within the JCT/RIAI contract so specialist cover needs to be arranged.
This concerns the liability of you in respect of others to compensate them for injury or damage to their property whilst the works are ongoing.
You may think that if a builder you have hired injures a visitor, that builder’s insurance will pay. This belief has some merit but a visitor will see you, as the homeowner, as the creator of the risk, even if someone is working on your behalf.
There are also other concerns that come with relying on another party’s insurance to provide adequate cover. For instance, you should ensure that the contractors’ insurance is adequate, is still in force (has been renewed) and that they are not committing acts that are in breach of their policy conditions.
Another important aspect to consider is the extent of liability cover required under a JCT/RIAI contract. The standard JCT/RIAI wording states that the contractor is only liable for their own negligence and not the negligence of you.
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