Home insurance should cover new installations
December 11, 2007 by admin
Filed under News, News-Insurance
Homeowners could benefit from increasing home insurance cover to cater for the increased value of their homes following renovations advised an industry body. 
The British Insurance Brokers’ Association (BIBA) said that the reassessment of the contents value and building cover is dependent on what work has been done and its size.
Steve Foulsham, technical services officer for BIBA, said: “If it’s an expensive, state of the art new kitchen worth £10,000, then you may wish to increase your sum insured to cater for that.”
He added that BIBA gets many queries from members of the public asking for clarification on what falls within home and contents insurance.
The “general feeling” among insurers is that once a renovation has been fixed down, it becomes part of the building, Mr Foulsham concluded.
According to the British Retail Consortium, citing figures from Datamonitor, in 2008 the UK DIY and hardware market is estimated to be worth £16.1 billion.
This is an increase of 17.7 per cent since 2003.
