Twice as many Brits are planning to extend their home than move house because they think it’s a better use of their money.
That’s according to the latest research by MoneySuperMarket.com which is urging people building an extension to notify their insurance provider before building work begins to ensure they are fully covered.
In a recent survey the price comparison website discovered 42% of homeowners thought extending their home would be better value compared to 24% who thought moving would be more beneficial.
A lack of suitable properties was cited as the biggest reason for not moving house, with 39% admitting this was their barrier to relocating.
Meanwhile, 38% said unaffordability of homes was preventing them from moving and 17% said uncertainty because of Brexit provided an additional hurdle to purchasing a new property.
But, MoneySuperMarket also revealed, 45% would make the mistake of not informing their home insurance provider if they were to carry out the improvement work.
Graham Richardson, from the household team at Admiral, explained carrying out a renovation could affect the property’s rebuild cost, number of bedrooms or bathrooms and these factors may influence your insurance premium.
He added: “Some insurers might not cover for renovations, so it’s important to tell your insurer about building work so that the property remains adequately covered in the event of a claim.
“This information also helps insurers offer renewal based on the correct property details, giving you peace of mind that your policy is up-to-date and correct.”
MoneySuperMarket urged anyone undertaking building work to tell their insurer as soon as work begins.
It said insurers might increase premiums if they thought there was an increased risk of damage or that burglars might exploit the situation. Any increase in square footage could also bump up what you pay.
Kevin Pratt, consumer affairs expert at MoneySuperMarket, said: ““If you fail to tell your insurer, either because you don’t think it necessary or you don’t want to pay more for cover, you risk not having a claim paid if something goes wrong.”
