Five unexpected factors making your home more expensive to insure

Homeowners are being warned that adding changes to their home could increase their insurance costs without them realising, or worse, void their cover.

Home insurance experts from Quotezone.co.uk are urging Brits to be mindful of certain developments to their home and lifestyle which may cause insurers to raise premiums.

Even small changes, like installing a bathroom or going on a longer holiday, could make a difference to policy prices.

Home upgrades can have a significant impact on insurance costs, as property value is one of the key factors in determining coverage needs and premiums.

While it’s not necessary to inform policyholders about smaller, more cosmetic projects like putting up shelves or giving the bathroom a fresh coat of paint, larger upgrades like fitting a new kitchen, can increase the rebuild cost and increase the risk of damage during construction, so it’s important to let the insurer know.

During renovations, it’s sensible to avoid using unusual or rare building materials – if you’re trying to keep insurance costs down – as they can be harder to source, making repairs and replacements more complex and expensive.

Another thing that can push up home insurance premiums is leaving the property unoccupied for longer periods of time, as it increases the risk of burglaries, undetected leaks or fire damage.

Households who go on longer holidays or work trips may need to take out extra cover to ensure they’re properly insured, as most standard policies only cover homes left unoccupied for up to 30 days.

Helen Rolph, home insurance expert at Quotezone.co.uk said: “As summer draws to a close, many homeowners start to look for new and exciting projects, something to look forward to as the darker months set in or perhaps start home improvements needed before the weather turns cold and stormy.

“Many homeowners might not be aware of the unexpected consequences some of these changes might bring – these additions could increase insurance costs or risk the protection altogether.

“Lifestyle changes also play a big role. Leaving the house unoccupied for more than a month, running a business from the home or increasing the size of your family, also increases the risks associated with the property.

“To protect themselves, homeowners need to notify the insurer of any major changes or else they may find themselves uninsured when it comes to making a claim.”

Quotezone.co.uk‘s top 5 changes that could push up home insurance costs:

1.Starting a family 

Starting or increasing the size of your family needs updated on your home insurance policy as the increased occupancy could bring increased risk of damage and accidents that your insurer needs to be aware of – inaccurate details could void your policy should you need to make a claim. 

2.Home upgrades

Major home improvements, such as fitting a new kitchen, bathroom, or loft conversion, increase the overall value of your property and the cost of rebuilding it. It also increases the risk of accidents or damage during the renovation so it’s important to notify your insurer to ensure you’re properly covered. 

3.Renovating with unusual materials

Using rare or unusual materials in your home, such as reclaimed timber or thatched roofing, can increase home insurance prices because it can be harder and more expensive to source these materials, and the work may require specialist tradespeople.

4.Leaving home unoccupied for an extended period

Empty homes are more vulnerable to theft, water leaks or unnoticed damage. Standard policies typically cover unoccupied homes for up to 30 days, so it’s important to notify your insurer if you plan to be away longer or else risk invalidating your policy.

5.Running a business from home

Operating a business from your home can affect insurance coverage, as it introduces extra liability risks and may increase foot traffic or equipment value.

Price comparison site Quotezone.co.uk helps millions of customers every year compare and find savings on everyday bills and essentials, such as home and non-standard home insurance.

This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.