Hi all, This week, I worked with a property investor who is renovating a property, and these were the key insurance lessons: ✅ Renovation Insurance: If you're purchasing a property with plans to renovate, standard buildings insurance may not be sufficient cover for the works. This could leave you in a desperate situation if something goes wrong mid-project. So it’s crucial to have a policy that allows for and protects you & your project during the renovations. ✅ Changing Use? Plan for a Building Warranty: If you’re converting a property—like turning office space back into residential or splitting a house into flats—you should budget for a 10-year building warranty. This can cover structural defects post-completion, but more urgently for investors, most lenders require it! So without it, refinancing could become a major hurdle once the works are complete. If you want to sense-check your insurance needs or budget properly for your next project, feel free to reach out. Always happy to help!

Posted by Antoni J Kaminski at 2025-03-26 10:20:10 UTC