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Home extensions 'will increase insurance premiums'
Thu 29 Nov 2007 5pm
Carrying out any kind of extension is likely to make a person's home insurance premiums more expensive, according to a renovations expert.Director of the Basement Information Centre Alan Tovey said that house extensions will almost always cause a rise in insurance costs, because the value of the property is being increased.
However, he also stated that converting a basement into living space can sometimes have a minimal impact on premiums, as the area is already an existing part of the property.
"Your house insurance is based on the value of your property - on the rebuild costs," Mr Tovey said.
He added: "You might find with a basement conversion that it may not have hardly any effect on [premiums], because basically you've got all of the basement there and all you're doing is increasing the headroom - you're not actually increasing the floor area."
The British Insurance Brokers' Association recently said that the home insurance market is "still very competitive" in the UK, despite predictions that premiums would increase after the summer's severe flooding.
