If you’ve made renovations to your home or business premises, put in an extension to your home, like a new garage, deck, granny flat or even a shed on your property, it’s important you contact your insurer and your bank (if you have a mortgage or loan) to let them know that you have made improvements to your property.
An outdoor living area, large patio or deck can improve the value of your property and if you haven’t included that property improvement value, when it comes time to replace your property in the event of a fire or other unforeseen event, you may not have the money to do so.
Insurance while the renovations to improvements to your property are usually covered by the building firm you employ, but once the job has been completed it’s up to you to make sure you have it registered on your insurance contract. In some cases, it may need to be just noted on your policy and no additional fees are payable. For example, if you have built a granny flat for a relative to live in and it is connected to the same power grid as the main house, it may be covered under your existing policy.
It’s important you keep your insurer up to date with these changes and this is a job that your insurance broker can assist you with. They will have all the details of your policy inclusions and can contact the insurer on your behalf. Using an insurance broker means that you get access to the best insurance options available and you get to deal with one person rather than hanging on the end of a telephone waiting for a person to connect you to someone else to make the changes.
When it comes to your insurance renewal, your insurance broker will do the market comparisons for you and make sure you are getting the best cover at the best available price. You don’t have to waste time comparing what is available on the market and reading all the product disclosure information before making a decision.
This advice is timely for people making decisions to undergo major renovations to their home using Government assistance grants. When the job is completed make sure you are covered for the improvements you have made to your home.
Burstows is the family insurance company and is part of the CIA insurance Group, a family business that has been helping homeowners and business owners make the right decisions about their insurance for over 30 years.