Money News
Homeowners up and down the country are splashing out on altering their homes every 5 years, according to research by Saga Home Insurance. In addition, two in three people weren't aware their insurance company may require notification in advance of any major work, such as extensions, despite the possibility that it may impose limitations to their cover whilst the work is being undertaken.
The research showed that 31% have undertaken home improvements when they weren't needed, purely for cosmetic purposes, suggesting that more people change their bathrooms, kitchens and bedrooms to keep up with the latest fashions.
Saga's findings also confirmed that the over 50s are more likely to invest in improvements that will last a long time - just 23% of this age group expect to replace them within 5 years compared to 41% of those aged under 50 who said the same.
Bedrooms and bathrooms are top of the priority list to be changed with 39% of people having redone these rooms in the last 3 years. Scots however are more likely to spend their money on redoing the kitchen (42%) over the bathroom (37%).
Amidst all this ripping out and refurbishing it's worth noting that you should let your insurance company know before you embark on any major work. It's important to be aware of these limitations so that you can make appropriate precautions or extend your cover during this period. For example, unassembled kitchen units, uninstalled bathroom suites and most unfixed building materials are excluded from most policies as standard.
Also, DIY enthusiasts should make sure they have full accidental damage cover added to their buildings and contents insurance just in case they make any mistakes!
12 October 2007 © Moneyextra.com
Moneyextra.com recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.