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Home Insurance News
Home insurance 'should increase' to cover new renovations - 10/12/2007
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People may wish to double-check their home insurance policy to ensure that improvements such as renovated kitchens are covered, the British Insurance Brokers' Association has said.
According to Steve Foulsham, technical services officer for the organisation, some major renovations, including fitted kitchens, may change the value of a house and should be reassessed to make sure the property is adequately covered under a home insurance policy.
"Depending on what you're doing and the size of the project, you may need to reassess the value of your contents . or buildings [cover], to take account of that," he explained, adding that many completed renovations fall in the buildings category of a home insurance policy.
He also said that as successful DIY projects could add thousands of pounds to the value of a home, it is important for people to consider the benefit of increasing their insurance cover.
"If it's an expensive, state of the art new kitchen worth £10,000, then you may wish to increase your sum insured to cater for that," Mr Foulsham said.
Figures from Datamonitor as cited by the British Retail Consortium have indicated that the DIY market in the UK is booming.
Currently worth an estimated £16.1 billion, sales of DIY and hardware products have increased 17.7 per cent since 2003.
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