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Renovating? Tell your Insurer
Tuesday, 25 August 2009 08:49
Despite the economy, home renovations in South Africa are taking place as frequently as before as is evident by the number of building plans being approved by municipalities around the country. While many a home insurance policyholder undertakes renovations, they may not realise the impact this has on their cover.

When hiring a building contractor, you will sign an indemnity form that excludes the contractors from any liability that may be incurred during the construction. That means that you, as the homeowner, will be held liable for any damage to existing property, theft to contents and building materials.

Your comprehensive insurance policy will cover these events if you add these to your insurance policy. Discuss this with your broker or your direct insurer. Make sure they are aware of your renovations, otherwise damage caused to property covered in the policy as a result of the renovations will be deemed your fault and your claim will be rejected.

You will need to set up a secure Contractor’s All Risks and Liability insurance policy. This must be done before any, including preparatory, work is undertaken. Once the renovation is complete you can cancel the cover – but don’t forget to get your home, in it’s new form and structure, reassessed for full home insurance cover. Otherwise any likely structural damages of the renovations will be on your head.
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