Millions plan major work on homes
1.10.2008
A fifth of homeowners in the UK are planning to carry out major structural work on their properties, new research has found.
The study by Sainsbury's Bank discovered that between May this year and May 2009, as many as 5.3 million homeowners will make structural changes to their properties.
However, the company warned people they could be left out of pocket if they do not speak to their home insurance provider before carrying out the work.
"We want to make sure that homeowners are aware that they could be left underinsured or even invalidate their insurance entirely in the event of an incident during or after the works if they have not informed their insurer first," Neil Laird, Sainsbury's home insurance manager said.
Earlier this year, Rhiannon Harris, spokesperson for home insurance provider Endsleigh, said the company must be informed of "any alteration of the risk" to ensure its can "consider the continuation of cover".
The study by Sainsbury's Bank discovered that between May this year and May 2009, as many as 5.3 million homeowners will make structural changes to their properties.
However, the company warned people they could be left out of pocket if they do not speak to their home insurance provider before carrying out the work.
"We want to make sure that homeowners are aware that they could be left underinsured or even invalidate their insurance entirely in the event of an incident during or after the works if they have not informed their insurer first," Neil Laird, Sainsbury's home insurance manager said.
Earlier this year, Rhiannon Harris, spokesperson for home insurance provider Endsleigh, said the company must be informed of "any alteration of the risk" to ensure its can "consider the continuation of cover".