BUSINESS SUPPORT XXXXXXX YOUR FMB GOING BACK TO INSURANCE BASICS
Builders and their clients are often unsure about whose insurance covers what – so FMB Insurance Director Emma Whyatt provides clarity to avoid any confusion AM I COVERED?
Home insurance Who takes it out? The homeowner Most home insurance policies do not automatically allow for major renovation projects or alterations. Homeowners should contact their insurer before any work begins. Questions to consider with your client include: ● Will they need to move out whilst work is ongoing? ● Will the property be open to the elements whilst work is underway? ● What will be left in the property – in terms of stock, materials, tools etc? ● Is there an increased chance of contents being damaged? ● Will the value of the property change once the works are completed? Clients who fail to speak to their home insurer could invalidate their policy if a claim occurs, potentially leaving them with large repair bills.
Unoccupied property insurance Who takes it out? The homeowner It could be that the homeowner needs to move out of the property whilst works are happening, leaving the property for longer than their home insurance permits. As well as unoccupied property insurance options for properties awaiting sale, letting or awaiting conversion, you can also get unoccupied property insurance for properties undergoing structural renovation. Fire, storm, flood, theft,
A t FMB Insurance, we hear time and again: ‘I thought my home insurance would cover that’ or ‘isn’t that for my builder’s insurance to take care of?’ Clients and builders need to be on the same page about what precisely is covered so both parties are adequately protected when having work undertaken.
vandalism, water or oil leaks from burst pipes, as well as impact from falling objects or vehicle collisions, can all be covered under unoccupied property insurance.
How do I find out more Contact FMB Insurance at insurance@fmb.org.uk or on 01353 652760 – or scan the QR code to visit the website to find out more information about its products and services.
Contract works insurance Who takes it out? The builder
Building work guarantee Who takes it out? The homeowner or builder Our building work guarantee is an insurance-backed guarantee product, designed to protect homeowners if defects arise in completed works and the building company is no longer there to come back to put things right. Covering anything from roofing works to two-storey extensions, this policy is there to provide consumers with peace of mind and can help you stand out from the crowd by showing that you offer a quality service.
Contract works cover the builder for accidental loss, damage or destruction to the new works in progress and for the type of events that home insurance would normally cover – incidents such as flood, fire or theft. The insurance means the building works can continue, even if there is a disaster that takes place, without either the contractor or the homeowner suffering financial loss. It is worth noting that contract works do not cover the existing structure; the homeowner will still need the relevant home insurance.
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Master Builder
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