22 Oct 2017
Posted by Barry Aldworth 
In the wake of Hurricane Ophelia and Storm Brian, homeowners are being advised to keep their home insurance policies up to date, including advising their insurance provider of any renovations which may affect the value of their home.
After recent weather events caused damage to a number of properties across Ireland, AA Home Insurance is urging homeowners to check their current insurance policies to ensure they have the correct level of cover in place, particularly if they have recently carried out work on their home which may have increased the property’s value. An AA Home Insurance survey of over 5,000 homeowners in Ireland found that 53.39% of those surveyed are very likely to spend money on improving their home in the next year. Of those surveyed 17.33% stated that they would “definitely” carry our home improvement work within the next 12 months, while a further 36.07% stated that they would “probably” do so.
According to the survey women are slightly more like than men to have home renovations as a priority for the next 12 months. While 57.02% of female respondents stated they would either definitely or probably have work done to their home in the next year, just 49.31% of men are likely to do the same.
“With house prices rising it seems that more and more Irish people are looking at renovation work as an alternative to moving from one home to another, but it’s important to check how any renovation work will affect the value of your home and to inform your home insurance provider of the changes,” Conor Faughnan, AA Director of Consumer Affairs stated. “Many people who purchase home insurance forget about it until their next renewal or simply allow their cover to renew year-on-year without considering how their property or their insured contents have changed.”
“As a result some homeowners run the risk of undervaluing their property or the contents within it, which means that if you are forced to make a claim any pay-out could be reduced proportionally to the extent that the home was undervalued. The winter season can be a dangerous time for property owners so we definitely advise taking the time to double-check your home insurance policy now and avoid difficulties later.”
Unsurprisingly, redecoration work was the top priority for those who plan on carrying out home improvements within the next year, with 63.77% of those surveyed stating that personalising their home was their main goal. Meanwhile, just over 1 in 4 respondents intent on adding a new patio or carrying out some form of garden improvements, while 22.31% intent on purchasing new furniture.
The survey also found that almost 15% of homeowners intend on having a new kitchen fitted to their home, while 6.71% plan on adding an extension, with the AA emphasising that those planning on carrying out these kind of works should review their home insurance as soon as possible once the works are completed.
“Where you have more major work done on your home, such as adding an extension as opposed to redecoration, you can find yourself in a position where you are not properly insured as the value of your home may have increased. For this reason it’s important to review your cover as soon as possible so you’re fully covered if you need to make a claim.” Faughnan added. “Separately, where you are having a professional carry out work on your home it’s important that you properly vet them to ensure they are reputable and that they have the liability insurance in place. If you have any concerns it can be worthwhile to contact your home insurance provider before the works commence and ask for their guidance.”
The majority of those who intend on improving their home will aim to do so without breaking the bank, as 51.84% of those surveyed stating that they home to spend less than €5,000 on the renovation work. Meanwhile, almost one in three (28.57%) intend on spending between €5,000 and €10,000 on home improvements, while 3.36% intend on spending more than €50,000.
Looking to insure your home? AA Home Insurance is currently offering a €60 discount on all policies purchased online.
