Home Insurance : Focus on Renovating Image

Home Insurance : Focus on Renovating

With a huge demand in DIY-style renovations across Australia, it can be common to start renovations without proper planning or advising your insurance company. We explain the risks involved.

Insuring our homes is often overlooked by many Aussie homeowners when renovating, here are some tips to help you manage your renovation whilst staying protected.

  1. Whether you are buying a new or existing home and contents insurance policy, it is important to let your insurer know if you intend to renovate your home. Insurers need to know this information as renovations can affect the risk of property. Depending on the nature or value of the works, some insurers may require you to pay an additional premium, alter the terms and conditions of your policy before providing cover, or exclude cover altogether. If you do not inform your insurer of your renovations your insurer may refuse to pay a claim. You should promptly contact your insurer to let them know that you are intending to renovate, so you can avoid any unexpected surprises.
  2. When renovating, take the opportunity to address some of the wear and tear issues around your home. For example, if you have tradespeople doing plumbing work, it might be cost effective to do a simple check of old taps and connections when they are there. Poor connections from the water main to major appliances, sinks, and toilets is one of the top reasons for water damage to a home – and often the cost to get them replaced during renovations is less than the excess you may have to pay in the unfortunate event that you need to make a claim.
  3. Lastly, when the renovation has been completed, we recommend that you review your insured value to check it is adequate. Contact your insurer if you need to adjust your insured value, or, if you simply need to let them know that your renovations are complete.



Insurance and Membership Services Limited, ABN 59 057 159 743 AR Number 246235 trading as COTA Insurance arranges this insurance as agent for the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL No 234708. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Policy terms, conditions, limits and exclusions apply. Before making a decision, please consider the relevant  Product Disclosure Statement  available from cota.com.au The relevant Target Market Determination is available by calling 1300 1300 50. If you purchase this insurance, we will receive a commission that is a percentage of the premium.  Ask us for more details before we provide you with services.