Subterranean renovations are suitable for many types of home, for example if you own a Georgian townhouse in Islington where land is at a premium, to renovate your home and create living space below ground would be a sensible option.
As well as adding space to your property, basement conversions can add value. In areas where property values are particularly high, the increase in value can be considerably more than the cost of converting the basement.
What insurance cover does a basement conversion require?
Increasing the size of your property by digging out an existing cellar or creating an underground space in your garden is a complex task. This means that your liability will increase dramatically and you’ll need a suitable insurance policy to cover this rise in risk.
If you’re planning to expand beneath your home you should consider:
Liability insurance: Before undertaking subterranean works it is important to check that your contractor and their subcontractors have sufficient liability insurance to cope with the collapse or undermining of not only your building, but the ones that adjoin it.
Party wall insurance: Your subterranean renovation project may well affect your neighbour’s property too. These types of works often facilitate underpinning, piling, temporary shoring up works and complex excavation to achieve the desired result. Party wall insurance will cover non-negligent acts by you or a contractor operating on your behalf (but not situations where negligence and liability can be clearly established.)
Under insurance: Take care to ensure that the sums insured under your insurance policy are sufficient in case something goes wrong with the project
Working with professional insurers such as Renovation Insurance Brokers is fundamental to protecting yourself against accidents during the course of your renovation.
We take the time to fully understand your basement conversion project, coming up with the right renovation insurance cover to suit your project. We focus on insuring against realistic risk so that you can relax and concentrate on completing your project – and then sit back and enjoy your luxury leisure space below ground.