Renovating your home is an exciting time. Whether you’re making small upgrades or undertaking a full-scale transformation, renovations are a great way to enhance your space and add value to your property. However, amidst all the excitement, it’s essential to keep your insurance in mind. Renovations can bring unexpected risks, and your home insurance should be ready to protect you every step of the way.
As renovation professionals, we’ve seen how easily insurance can get overlooked during a project. To help you avoid unnecessary headaches, here’s a friendly guide to navigating your home insurance before, during, and after your renovation.
Insurance During Renovations: Stay Covered While You Build
Before you pick up a hammer or start knocking down walls, it’s crucial to take a close look at your current insurance policies. Renovations often introduce temporary risks—like structural vulnerabilities, exposure to the elements, or liability for workers—so making sure you’re covered can save you from costly surprises.
Review Your Coverage Before Work Begins
Many Australian home insurance policies have exclusions or limitations during renovations. Here are a few common scenarios:
Open to the Elements: If parts of your home are exposed (e.g., during roof replacements or window installations), your policy might not cover weather-related damage.
Liability Exclusions: If you’re hiring tradespeople or contractors, your policy may not include liability for injuries or property damage.
The best way to understand your coverage is by thoroughly reading your Product Disclosure Statement (PDS). If you’re unsure about the details, don’t hesitate to contact your insurer for clarification.
What About the Builder’s Insurance?
If you’ve hired a licensed builder, they’ll likely have their own insurance, such as public liability or construction insurance. While these policies may cover the specific areas they’re working on, they won’t necessarily extend to your entire property. It’s a good idea to discuss their coverage and confirm whether additional protection is needed for your project.
Living Away During Renovations? Check Your Policy
If your renovation requires you to temporarily move out, be aware that some insurers consider unoccupied properties a higher risk. This could mean changes to your coverage, higher premiums, or even exclusions. Check if your contents are still protected and if additional fees, like an unoccupied excess, apply.
Keep Your Insurer in the Loop
As the renovation progresses, make sure to update your insurer about any major changes to your home’s layout, structure, or security features. This ensures you’re protected in case something unexpected happens during the project.
Insurance After Renovations
Once the hard work is done and your renovations are complete, it’s time to reassess your insurance policies. Renovations often increase your property’s value, and failing to update your coverage could leave you underinsured.
Adjust Your Home’s Value
With new additions or upgrades, the cost to rebuild your home is likely higher than before. To avoid being caught short:
- Get a professional valuation from a builder or property valuer.
- Use an online Sum Insured Calculator to estimate the rebuild cost.
Remember, the rebuild value and market value of your home are not the same, so focus on ensuring your building insurance covers the full cost of reconstruction.
Report Structural Changes
Did you add a second bathroom, extend your living area, or install a new pool? These structural changes need to be reported to your insurer. Even upgrades like replacing a tiled roof with Colorbond or adding solar panels could impact your coverage. It’s better to be thorough now than risk a gap in coverage later.
New Home Office? Consider Business Insurance
If you’ve added a home office and plan to use it for business purposes, your standard home insurance may not cover business equipment or liability. Check your PDS or talk to your insurer about additional business coverage if needed.
Don’t Forget About Contents Insurance
Renovations often mean new furniture, electronics, or decor—and these additions can quickly change the value of your contents. Ensuring your contents insurance reflects your updated belongings is essential for full protection.
Update Your Inventory
Use a household inventory checklist or a contents calculator to reassess the value of your belongings.
Notify your insurer about any high-value items, like a designer couch or new home theatre system, as these may need to be listed separately for complete coverage.
Keeping your contents insurance up to date will ensure your new purchases are protected against theft, damage, or loss.
Renovate with Confidence
Renovating your home is an opportunity to bring your vision to life—but it’s also a reminder to stay proactive about your insurance. To keep your peace of mind throughout the process:
- Before you start, review your PDS to understand any exclusions or limitations during renovations.
- Speak with your insurer and builder about coverage throughout the project to avoid gaps in protection.
- Once your renovations are complete, update your policies to reflect changes in your home’s value, structure, and contents.
Taking these simple steps ensures you’re covered from start to finish, so you can enjoy your newly renovated home without worry.
Contact Nouvelle About Your Renovation
At the end of the day, renovations are about creating a space you love. By staying on top of your insurance, you can focus on the fun parts—choosing finishes, picking paint colors, and watching your dream home come to life—knowing you’re protected no matter what.
If you’re ready to reimagine your space and unlock its potential, we’re here to help. Whether it’s a quick kitchen refresh, a bathroom upgrade, or a brand-new look for your living room, let’s get started on creating a home that feels fresh, functional, and perfectly you.
For more design tips and inspiration, head over to our News section or explore our Projects gallery to see how we’ve helped others create their dream homes.
Because when it comes to flooring, you’re not just walking on it, you’re building the foundation for how your home looks and feels. Let’s make it perfect together!
Our state-of-the-art Business Management System, unique to Nouvelle, allows us to operate with a level of scheduling expertise that sets us apart from other providers. It takes the headache out of your renovation, so you enjoy your new space without the stress.
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If you have questions about your renovation or remodel and want to know how to make a statement in your home, contact us at Nouvelle.
