Loft conversion insurance cover
There are lots of things to think of when you make the decision to do a loft conversion. One of these certainly needs to be your home insurance cover. Many mainstream insurers will be unwilling or unable to continue their cover. This is particularly likely if you use a bargain provider selected through price comparison sites.
The need to tell your insurer
For this reason, some people consider simply not informing the insurance company of building work. They hope that they won’t need to make a claim during the time that it is taking place. This is a very bad idea since damage that takes place is often not related in any way to the building works. Yet it would still be excluded from cover if the policyholder has chosen to not tell their insurer about their renovations. An example could include a massive house fire that destroyed much of the property and was caused by a faulty cooker. The loft extension that is taking place at the property could cause a claim to be refused. This is despite the fact that it is not related to the damage.
Equally, it is important when planning a loft conversion to inform your mortgage provider of these planned works. It is likely that this will not be a problem. However, they will usually want confirmation that your home insurer is aware of the building works. The buildings sum insured will also likely need be increased in line with the new, undoubtedly higher, rebuild cost.
How much should I pay for a loft conversion?
The cost of loft conversions is not a set figure and will largely be dictated by the size of the area you wish to convert. The spec that you wish to fit it out to will also have an impact. Prices to get a conversion professionally completed will usually start at around £20,000 in total. This price can easily rise to at least double that for some projects.
It is therefore really important to check that any proposed renovations will add an equivalent value to your home. For example, if your loft conversion costs £30,000 but only adds £10,000 to the value of your home the money may be better spent buying somewhere new. The pros and cons of conversion are very specific to each situation. Some people decide that the benefit is high enough to justify having to remortgage to pay for home improvements.
Many people when building a loft conversion find the initial large outlay of paying for such a development too much of a financial stretch. It is possible in this situation to find a pay monthly loft conversion company. They can agree to provide the product via a finance payment plan. This allows people to pay back the cost of their renovation product in affordable monthly amounts. This means many people can update and expand into their loft space who would not usually be able to afford to.
Planning permission for a loft conversion
When planning a loft conversion it is also very important to make sure you have the correct planning permission before the works begin. Otherwise, you could run into trouble down the line. You can even be made to reverse any works that have been carried out without permission. You should also ensure that any builder you employ has the correct liability cover. This protects both them and their work and should work alongside your home renovation policy to provide complete protection. This makes the selection of your home insurance while building extension incredibly important.
If you are planning works that are more extensive than a simple extension or loft conversions then you are likely to require self-build house insurance. This is a far more complex version of home insurance that covers building sites rather than family homes. Unfortunately, self-build insurance is not something that CoverBuilder is able to offer at this time.