What about your fire insurance after renovation works?

Many owners are not aware that certain modifications in or around the building can affect their fire insurance. Anyone carrying out works that change the value, layout, flammability or purpose of their home or office must report this to their insurer so that the fire insurance policy can be re-evaluated.

Which works need to be reported in my fire insurance policy?

The answer to this question is simple: all works that affect the value of your home must be reported to your insurer.

If you have added extra rooms, or if your basement or attic has been finished or converted into a bedroom, the calculated value of your house may have changed and your fire insurance will also need to be adjusted. If you previously filled in an evaluation grid to determine the value of your home for fire insurance purposes, the grid will need to be re-evaluated.

If you have added a garden shed, conservatory, carport, swimming pool or lift, you should also report this. Painting, roof insulation or refreshing rooms usually do not lead to a change in the grid, nor does replacing a kitchen or bathroom, but some works can affect the degree of finishing and therefore the insured value.

With some insurers, certain works can lead to a change in the degree of finishing and the valuation. For example, if you have installed a new luxurious bathroom with a marble bathtub, gold taps, or if your living room boasts a natural stone or parquet floor, you should also report this.

Do I need to report the installation of solar panels, solar collectors or a heat pump?

It is always advisable to report your installations to your insurer.

You should mention the total cost of the complete installation. The reconstruction value of your home can indeed be affected by the value of the installation.

It is possible that the evaluation system used already takes into account the possible installation of solar panels or solar collectors, so that your policy and premium remain unchanged.

What if my insurer has not been informed about completed works?

Anyone who does not report modifications to their home or office to their insurer runs the risk of being underinsured. The insured value in your policy will no longer correspond to the actual situation after the renovation.

The insurer may in that case limit compensation to the capital stated in the policy or apply the proportionality principle (= proportional compensation). In other words, in the event of a claim, the insurer will not compensate the full damage, but only a part. You will have to cover the rest yourself.

Questions or need support?

Feel free to ask your further questions to property manager SEBAS, we are happy to help. welkom@mysebas.be

Source: Ides Ramboer