Renovating your home soon? Check your insurance!
Aussie home renovators inspired by prime-time shows The Block and House Rules could be risking their insurance without taking the proper precautions before starting renovations, according to news.com.au.
A new study by Galaxy Research commissioned by Woolworths Insurance showed 22% of Aussies believe their insurance covers them for all renovation work and 50% of Aussies have no idea they need to contact their insurance provider before starting a renovation project.
Woolworths Insurance’s senior business manager Nicolle Glover said water damage and death were among unforeseen circumstances that might not be covered by insurance policies and urged homeowners to also check the tradesmen were licensed.
An Insurance Australia Council spokeswoman said homeowners should contact their insurer about their plans to make sure they have home warranty insurance. “Generally home warranty insurance provides consumers with a layer of financial protection if a builder is unable to honour their commitment under a contract due to death or insolvency.”
Here are some quick tips to ensure you’re covered when tackling home renos:
1. Contact your insurer about your plans to make sure you have home warranty insurance.
2. Compare home and contents insurance policies in the home insurance market to get the best deal.
3. If your house was built before 1990, contact an asbestos analyst that can confirm the presence of asbestos and hire a licensed professional to safely remove it.
4. Give your insurance company a buzz when you’ve finished the reno to adjust the value of your home.
Discover more useful home & contents insurance hints and tips here.