Home improvers ‘failing to tell insurance companies’
While many Brits are converting their lofts and adding extensions to their homes, a large proportion are failing to inform their insurance providers of these renovations.
Research from MoneySupermarket found that 26 per cent of people said they would not update their insurance company after making structural improvements to their home.
While two per cent said they would not do so because it could increase their premiums and three per cent argued they could not be bothered, 21 per cent claimed to be unaware that this is necessary.
MoneySupermarket pointed out many insurance companies will only increase premiums if the value of a house has grown significantly, typically by at least £10,000.
Data from the Department for Communities and Local Government revealed approximately 200,000 domestic extensions, integral garage refurbishments or loft conversions take place in the UK every year.
“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,” insurance spokesperson at MoneySupermarket Hannah Mercedes-Skenfield said.