Improving Instead of Moving - But Not Insuring
CHESTER, England, August 14, 2012 /PRNewswire/ --
- A quarter of Brits ignore home insurance update when improving home
- Homeowners in Yorkshire and the Humber most apathetic
- Brits could save £119 a year each shopping around for home insurance
Brits may be upgrading their homes with extensions and loft conversions aplenty, but are failing to update their insurance, according to MoneySupermarket.com.
Research by the UK's number one comparison site polled Brits on whether they would inform their insurance provider if they made structural improvements to their home, such as adding an extension or a conservatory, or converting a loft.[1] The research revealed a quarter of those surveyed (26 per cent) would not update their insurer; 21 per cent said they didn't think it was necessary, while three per cent couldn't be bothered and two per cent would avoid it because it could increase the cost of their premium.
The research found the problem is worst among Brits living in Yorkshire and the Humber - 30 per cent would fail to fill in their insurer. However, structural improvements to your home may not have a financial impact on your home insurance premium as many insurers only increase premiums once the value of your property increases significantly, typically £10,000 plus. Despite this, failing to notify your insurer of structural changes to a property could void the policy, so if you are undertaking work, it is important to let them know.
Hannah Mercedes-Skenfield, insurance spokesperson at MoneySupermarket.com, said: "There is no doubt we are a nation that loves DIY and home improvement. We take pride in our homes and like to make the most of all available space. It will come as no surprise that every year, 200,000 of us carry out a loft conversion or the like to our homes.[2] I urge all those people carrying out home improvement work, whether it is a luxurious loft conversion or comfortable conservatory, to inform their home insurance provider as soon as the works are complete and the room is being used. Work being carried out on a property would be covered by your builder's insurance so it's vital to check they have all the correct policies in place.
"Once the work is complete, you need to upgrade both the buildings and contents insurance where necessary. In many cases, some changes to your policy will not have any impact on the premium price, but not informing your insurer could cost you dearly as the cover could be voided as a result. Those concerned about cost, especially after forking out for those home improvements, should shop around for the best deal on home insurance cover; on average Brits can save £119 a year on a combined buildings and contents insurance policy."[3]
Notes to Editors:
[1] Opinium Research carried out an online poll of 2,298 UK adults from 20th - 23rd April 2012. Results have been weighted to nationally representative criteria.
[2] http://www.communities.gov.uk/documents/planningandbuilding/pdf/2077834.pdf
[3] Home insurance saving:
Home Insurance - based on independent
online research by Consumer
Intelligence during 1st June - 30th Average Annual
June 2012 Saving
GBP118.91
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