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If you’re planning on renovating your current home to turn it into your dream home, it’s advisable to inform your insurance company so that your Buildings Insurance policy remains in full operation during this time. In the event that something happens to the structure of your home during renovations, it is essential that it is still covered. Some insurance companies might require you to stay in your home during the renovations in order for your cover to remain the same. If you are unable to remain in your home during this time, inform your insurer to see how this might affect your cover.
What to be aware of when renovating your home
Renovations often increase the value of your property, so it is important to have your insurance company revalue your home to match what it would cost to replace or repair parts of the structure in the event that it is damaged after the renovations. If you fail to do this and your property is damaged, you will be paid out less than what the renovated structure is worth.
If you are thinking of undertaking renovations, and you do not yet have Buildings Insurance, shop around to find one that will cover you sufficiently during this time. If your current insurance company does not cover you for renovations, you can compare policies on Hippo.co.za until you find the right package that suits all your needs.