UK homeowners are opting to improve their homes rather than move house, however they are not updating their insurance.
According to research by MoneySupermarket.com, 26 per cent of people in the UK would opt not to inform their insurer after they made changes to their house.
Of those asked, 21 per cent said they didn’t think it was necessary to inform their insurer, 2 per cent worried that it could add to premiums, while 3 per cent couldn’t be bothered.
However, the website said that structural improvements to your home may not have a financial impact on a home insurance premium, as many insurers only increase premiums once the value of a property increases significantly.
But, failing to notify your insurer of structural changes to a property could void the policy.
Insurance spokeswoman at MoneySupermarket.com Hannah Mercedes-Skenfield said: “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 and the room is being used.
Work being carried out on a property would be covered by your builder’s insurance so it’s vital to check they have the correct policies place.”
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