Home insurance Updated:
Hanging up your work clothes for good and celebrating the start of your retirement is traditionally seen as a time for some serious relaxation – but it seems that for many of us, it actually provides the motivation to spruce up the house and garden and covert it into a dream home.
According to a study carried out by Saga Home Insurance, eight out of 10 respondents have redecorated or renovated their home since ending their working days, with an average of three home improvement projects being carried out. While some of these renovations were on a small scale, such as brushing up on the paintwork and décor (55%), fitting a new bathroom (38%) or installing the perfect kitchen (36%), others were more ambitious, with 11% of those questioned saying that they had built a conservatory and 7% saying that they had extended their house.
In total, the research found that respondents had shelled out an average of £17,000 to give their home a new lease of life, but another one in eight admitted that their renovation fever had pushed the cost to over £25,000. Furthermore, once the home is all in order, retirees are then keen to get the garden up to standard – one in three of those asked said that they had completely revamped their garden to the tune of £3,000.
Big projects certainly need the support and protection of home insurance and buildings insurance, but even little updates can be expensive if something were to go wrong. For this reason, Roger Ramsden of Saga Services highlights the importance of talking to your insurer before renovations start in order to ensure that alterations are covered during the works and beyond.
It's also a good idea to shop around for insurance when the time comes to renew. Making changes to your home could push up the cost of your insurance, so when the time comes, scour the market for a more cost-effective deal before you agree to your current provider's quote. Remember, the money you save could be put towards your next project!
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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