If your property is going to be undergoing renovation works then it is imperative to advise your insurers.
Bond Lovis can cater for various levels of works, including cosmetic, major building or structural works. Also for properties undergoing extensive/structural works our policies look to provide cover on both the contract works as well as the existing structure.
Existing structure refers to the home and any outbuildings including garages and boundary walls.
Due to the nature of this insurance, we understand that we may be asked to insure structures that may not be considered to be in a good state of repair. Please note the state of repair will also be taken into consideration when offering cover or settling a claim.
At quote stage we will require the rebuild cost of the existing structure regardless of its state of repair. Many other factors are also taken into consideration when calculating the rebuild costs including age, listing status and construction. If unsure of this figure we would recommend you seek guidance from your surveyor or alternatively please refer to the rebuild calculator website: calculator.bcis.co.uk
Contract Works refers to materials and fixtures and fitting that will be on sight of the project. It also refers to labour costs, professional fees and debris removal costs.
The sum insured for contract works should be the full contract value inclusive of VAT.
- Case Study
- An existing client of ours contacted us to advise they were going to be renovating one of their properties and during this time would be living elsewhere. Their current policy continued to pick up their contents cover whilst living at their other property however the works exceeded the limits of their existing policy.
The property in question is a grade 2 listed house that was insured for a rebuild of £604k however the renovation project was estimated to cost around £700k. The project involved extensive renovation including a new roof. We managed to obtain a suitable policy for their requirements covering the buildings, contract works and the requested liability cover.