According to a new study from GoCompare Home Insurance, homeowners are splashing out on new bathrooms, kitchens and central heating systems, making them top of the list for home improvements this year. Also, homeowners are warned that major works could invalidate their home insurance.
Home renovations could boost the value of your property
It was revealed that a new bathroom is the UK’s most popular home renovation with 39% of homeowners who carried out a major home improvement in the last five years splashing out on one. Fitting a new kitchen came in second place with 38% and installing a new boiler or central heating system made up the top three with 34%.
Top 10 home improvements in the last five years
- Installed a new bathroom – 39%
- Fitted a new kitchen – 38%
- Installed a new boiler or central heating system – 34%
- A garden make-over – 26%
- Installed double glazing – 26%
- Built an extension – 17%
- Knocked through rooms – 12%
- Fitted solar panels – 12%
- Created an attic conversion – 10%
- Added an extra bedroom – 9%
However, the study also revealed that 41% of homeowners carrying out those renovations did not advise their home insurer which potentially invalidating their policy.
It is important that when planning a major renovation project (excluding any routine decorating or maintenance) you should inform your home insurer and review your building and contents insurance to make sure that you have adequate cover both during and after the renovation has been completed.
If you are employing tradesmen to undertake the work for you, check that they are qualified to carry out the work and registered with a recognised governing body. Most home insurance policies do not cover tradesmen or their work, so you should also check that they have their own insurance in place.
Remember, after completion of the work, you may need to increase your sum insured to reflect any increase in the rebuilding costs of your property and any increase in the value of your possessions.