If you're about to complete renovations on your property and require protection for the fixtures, fittings and structure, you may be looking for insurance.
You may require home renovation insurance if you've been told that standard home insurance policies are incompatible with this purpose.
A specialist renovation policy will be able to cover you for a range of renovation project work. The difficulty lies in selecting one from the many options available. Which are the best policies you can choose from?
We used a range of insurance coverage ideal for property renovation work. Continue reading this article for the best options and the cover they provide.
| Provider | Score | Details |
|---|---|---|
| 1. Saga | ★★★★★ | Click Here |
| 2. Stanhope Insurance | ★★★★★ | Click Here |
| 3. Homeprotect | ★★★★★ | Click Here |
| 4. Self Build Zone | ★★★★★ | Click Here |
| 5. Magnet Insurance | ★★★★★ | Click Here |
What Is Home Renovation Insurance Cover?
If you're completing building work, home renovation insurance is ideal.
It keeps your property protected from risks. It also protects your property's contents and belongings against risks, including fire damage, theft, and more. House renovation insurance can also include public liability insurance coverage, depending on your chosen provider.
Now, although some standard home insurance policies can stretch to cover you, the value of the work you're completing might exceed this cover. In this case, home renovation insurance can help. It'll even cover additional risks, such as accidental damage and alternative accommodation.
What Are the Pros and Cons of Home Renovation Insurance Cover?
While home renovation insurance is ideal in many ways, it has a few drawbacks you might want to think about.
The following pros and cons should be considered when choosing a policy for home renovation insurance.
Pros
✅ Covers you for remodels not featured in standard policies: With this insurance cover, you'll be protected for home remodels that might not be covered by a standard policy.
✅ Ideal for keeping contractors covered: Since it also includes liability cover, your policy can protect you against any legal problems related to the work contractors carry out.
✅ Flexible policies available: You can receive tailored coverage with specific policy covers. The policy can suit your specific requirements and project, covering all your requirements.
Cons
❌ Deductible contributions: You may have to pay deductibles to the insurer. These deductibles often need to be paid when you make a claim, which makes it difficult to save money.
❌ Premiums may increase: Making several claims on your insurance policy can affect the cost. Specifically, your premiums may increase in the future with multiple claims.
❌ DIY projects might not be covered: You may find that the policy might not cover the full extent of the damages caused during your DIY projects.
Best Home Renovation Insurance Providers — Reviews
We gathered our findings after trying several of the best home renovation insurance providers.
Here are our first-hand, direct reviews of these policy providers and their features.
1. Saga
Using Saga, we could protect our home when having new kitchen units and renovations completed. We were protected against damage to the building when we carried out the renovations, but we were also covered if our neighbour's property sustained any damage because of the renovations.
Saga covered us for personal possession, theft, or damage. We were eligible for this cover since our property was fully furnished.
This provider offered continued cover for a short term of 60 days, which many standard home insurance policy options don't provide. We received this cover when we had to move out due to the work being completed on our property.
We were pleased that Saga also covered us with their policy in case of a landslip or subsidence issue. We noticed a few exclusions, such as builder-caused damage, liability that the contractors' activities caused, and damage to unfixed building materials.
2. Stanhope Insurance
With Stanhope, we received bespoke renovation insurance that met our requirements. We were covered in the event any damages occurred during our renovation process. Stanhope's cover also protected us and would have reimbursed us if any injuries occurred.
Despite our builder having some forms of coverage, Stanhope filled the gaps in the cover and gave us the peace of mind that we had adequate protection.
Some specific factors we were insured for include protection against loss or fire-related damage, cover for the materials we supplied to our contractor, a single policy for building work and our home, and offsite storage of up to £100,000.
3. Homeprotect
When we used Homeprotect, we were happy to receive cover for renovation projects worth more than £20,000. We could remain on the property during the renovation, and the policy covered us for multiple reasons.
Their home insurance with renovation cover provides building insurance, contents insurance, alternative accommodation, outbuildings cover, liability cover and more.
We could have bought the contents cover and buildings insurance policy separately but chose to combine them for comprehensive protection. The cover included a “new for old” item replacement service, a guarantee for repairs that lasted 24 months and legal protection cover.
We noticed that some exclusions were applied. For instance, the policy did not cover damages arising from the activities of contractors or items that were lost. However, the comprehensive cover was ideal for our requirements.
4. Self Build Zone
With Self Build Zone, we received cover when renovating our property when we were not living in it. This insurance provider offered cover so that if our home was damaged by an incident, we would have sufficient protection.
With this provider, we also had property owner's liability cover. This cover meant that even if others were working on the site and sustained an injury, they would have been covered by the policy. It also meant that if someone caused damage to a third party, the policy would cover any costs.
We were pleased that various policy durations were available with Self Build Zone and that they also offered coverage for legal expenses. With the legal expenses covered, we would have been protected if we needed to make a claim.
With Self Build Zone, we were covered for many exclusions that standard home insurance would not cover, such as damages due to builder negligence and theft of materials. For this reason, this insurance provider was ideal for us.
5. Magnet Insurance
When we used Magnet Insurance, we were pleased to receive cover for several risks, even when our property was unoccupied. This provider covered us with public liability protection, contents coverage and the structure of our existing property.
We liked that we could select extra covers, such as protection for the work in progress, damage to adjacent properties, and legal expense cover.
We used Magnet when completing an extension but noticed that we would have been able to receive cover for loft conversions, new roof constructions and basement dig-outs. Even if the risk of damage, accidents and theft increased, we were covered by this policy.
Since Magnet Insurance tailored our cover to our specific needs, we were glad to have the support of this insurance policy provider, as it didn't matter how large the home renovation project would be.
Best Home Renovation Insurance Providers: The Verdict
The range of coverage home renovation insurance companies offer is often comprehensive and worth considering if you're completing extensive remodelling work or home renovations. Even though selecting a provider requires careful consideration, it's worth comparing quotes that match your unique circumstances.
You may begin with our list and even widen your search to find additional options. Once you've made your comparisons, it's just a case of selecting the best home renovation insurance provider that works for you. Compare quotes and choose renovation insurance cover to ensure your property stays protected.
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