UK Money News
11th June 2008
Insurance warning for home improvers
Thousands of home owners could be set to invalidate their home insurance cover this year by carrying out improvements and home extensions without notifying their provider, new figures suggest.
In a poll conducted by Sainsbury's Home Insurance, one fifth of homeowners said they are planning to make structural changes to their homes over the next 12 months.
However, just two thirds of these were aware that they are obliged to inform their home and buildings insurance provider first.
Neil Laird, home insurance manager at Sainsbury's Finance, said: "As buildings insurance premiums are calculated based on the type of house, for example the number of bedrooms it has, creating extra rooms can have an impact on your premium even if you have unlimited cover.
"We want to make sure that homeowners are aware that they could be left underinsured or even invalidate their insurance entirely in the event of an incident during or after the works if they have not informed their insurer first."
The rise in people opting to carry out work on their home is thought to have been fuelled by the downturn in the housing market, which is causing homeowners to stay in their current homes until the market recovers.
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