UK households could potentially face bills of up to £5,000 for DIY projects this weekend, according to warnings from experts. As we approach the holiday season, DIY enthusiasts have been cautioned about taking on tasks around the house themselves. The Alan Boswell Group, a home and property expert, has looked into how homeowners in the UK might accidentally void their home insurance by carrying out renovations and DIY work without updating their policy.
It is feared that undertaking projects such as extensions, loft conversions, building walk-in wardrobes, or removing internal walls could leave homeowners underinsured if their insurance policy is not adjusted accordingly. This oversight could result in expensive repairs not being covered, potentially leading to out-of-pocket costs of up to £5,000.
Experts advise that any structural changes to the home should be communicated to the insurer to ensure that the policy reflects the updated value and potential risks associated with these modifications. Failure to do so could result in denied claims for damages or repairs to the property.
In addition, homeowners are urged to declare any business activities or home offices to their insurer to avoid facing issues with equipment or liability claims related to their home-based business. Providing accurate and up-to-date information to the insurer, including details like the correct rebuilding sum insured, construction specifics, number of bedrooms, year of build, and listing status, is crucial in safeguarding one’s home and investment.
Precision and attention to detail are emphasized as key elements in protecting one’s property and ensuring that insurance coverage adequately reflects the changes made to the home. By being proactive and thorough in updating insurance policies and disclosing relevant information, homeowners can avoid potential financial losses and complications in the event of unforeseen damages or repairs.
It is essential for DIY enthusiasts to be mindful of the implications of their projects on their insurance coverage and to take the necessary steps to keep their policies up-to-date and comprehensive. By following these guidelines and seeking guidance from insurance experts, homeowners can avoid the risk of incurring significant costs and ensure that their properties are adequately protected.