Luxury basement conversions: What insurance do you need?

Basement conversion

Thanks to modern construction methods basements can become warm, light and airy areas, opening up luxury leisure spaces in your home such as cinemas, pool and sauna areas, and games rooms.

Why should you convert your basement?

When extending your home digging down into a basement or cellar can create an additional floor running the entire length of your house, opening up a wealth of space.

Houses in the United States and Canada commonly have basements which are used as utility rooms, family rooms, spare bedrooms and even indoor pools. In the UK, with space at a premium, homeowners are beginning to fully realise the potential hidden beneath their homes. Take a look at our Luxury Basement Conversions board on Pinterest for inspiration.

Pinterest: Luxury basement conversions

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 insuranceBefore 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.

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