Home and Contents Insurance while renovating?

Some people renovate to sell, others renovate to improve their current home. The rewards are usually 2 things – money and satisfaction (or a mix of both!).

Renovating a home can be a very stressful experience and it can be messy and painful if you aren’t sure where to start.

Not only is renovating very popular these days (hence lots of renovating tv shows!), it’s proving to be a good financial move for some families. Whether you hire a builder to take on the whole job, or manage some of it yourself here’s something you may not have thought of…

Home and Contents Insurance while renovating?

Many Australian home owners are opting to improve their current home rather than moving and spending an average of $48,000 renovating their property. So, if you’re renovating and hopefully adding value to your property in the process, you might want to consider Home and Contents Insurance while the works are being carried out.

Here are some points for you to consider –

  • What happens if you move out during the renovation? Will your current Home and Contents still be valid if you’re not living there?
  • What does the builder insurance cover? Does it differ from your own Home Insurance? Check what will be covered by a builder’s insurance and your own. Or if you’re managing the project yourself, you’ll need to secure domestic building insurance (which isn’t the same as Home Insurance). Make sure your contractors/tradespeople have their own insurance cover in order too.
  • Vulnerable access points. During the renovation doors may be ripped off, and walls removed so suddenly your home becomes very exposed. Make sure the property is secure and you have proper Home and Contents Insurance in place in case something unexpected happens such as an unwanted visitor entering your home. This helps ensure your valuable belongings remain secure if the renovations compromise the security of your home.
  • A renovation is an investment. Your Home and Contents Insurance will need to increase as you add more value to your home. That’s pretty obvious but can be an oversight easily made when you’re neck deep in bathroom layouts, colour selections and floor types! Now you have a home which is hopefully worth more money you’ll need to update that Home and Contents Insurance to be fully covered. It’s a good idea to start thinking about this as soon as the project is nearing completion.


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