Easter has traditionally been a favourite time for DIYing and I doubt that this year will be no different. However, it’s not just a case of getting out the paintbrushes and arguing over colours as many homeowners are increasingly taking on bigger renovation or home improvement projects to add value to their home.
One peer-to-peer lending platform carried out some research to find out which home improvements added the most value. Adding a conservatory came out on top delivering a return on investment of 108 percent followed by smartening up the front garden and tidying up the exterior of the property to sort out cracks, poorly maintained window frames, doors and roof tiles.
Research from HSBC found that a new kitchen could add at least £5,000 to a property’s price while a new bathroom may add at least £3,500.
Adding space such as an extension or a loft conversion can add the most value as they add to the overall square footage of the living space, but of course these are jobs that are beyond all but the most enthusiastic DIYers and often involve planning permission as well as requiring calling in expert contractors.
It might be worth a timely marketing piece to your clients in advance of the Easter break as while DIY can add value to a property, the (hopefully) amazing results can impact the property’s insurance as well. And of course there is the chance that the project may not go as planned and cause damage to the home … and if the client doesn’t have accidental damage cover as part of their policy, they may not be able to claim if they spill paint on carpets or drill through a pipe.
If they are planning on making any alterations to their home, they should inform their insurer. For example, adding an en suite to a bedroom would be considered an additional room. If the client failed to advise their insurer and then had a disaster during the project, the insurer would have grounds to refuse the claim.
If they are attempting an ambitious project themselves, it’s worth reminding them of the duty of care they have under the terms of their household insurance to take all reasonable steps to prevent loss, damage or injury. If they did over extend themselves and it all went horribly wrong, again an insurer could refuse to payout if it is clear the problem would not have occurred had they called in an expert to do the job.
A brief email to clients before Easter arming them with a “do’s and don’ts” checklist if they are considering some DIY could well help them ensure they’re not inadvertently voiding their existing policy and that they’re covered if their DIY exploits turn into a DIY SOS.
Brian Coulton is head of sales at Source Insurance