UK Money News
7th December 2007
Renovators 'should remember insurance'
Householders keen to increase the value of their property through renovation should bear in mind the effect such changes will have on their building insurance.
So claims personal finance organisation the British Insurance Brokers Association (Biba).
It states that fitting a new kitchen or putting down a floor will likely be a good means of establishing help with money later as it will increase the value of the home - but that cover must reflect this.
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 there is often confusion during the process of installation as to what kind of cover is relevant - for instance suggesting that uninstalled laminate flooring would normally be seen as contents, but once nailed down it would be considered under building insurance.
The money news follows data recently released by the British Retail Consortium which states that in 2008 the DIY market in the UK is set to be worth £16.1 billion.
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