THERE has been much focus on the surge in residential sales with the property market experiencing a mini boom post lockdown, mostly due to the Government’s temporary cut in stamp duty.

Many homeowners will be using the decrease in stamp duty to move to a higher valued home or looking to purchase a second home.

Insurance considerations when buying a new/second home

• Contact your insurance provider well in advance of expected exchange date to discuss your requirements and arrange the correct cover

• Check existing home remains protected while you remain responsible for it

• Second home properties – you will need an additional policy for a second home and there will be additional risks attached which will require specialist cover.

An increase in home improvements

The UK has also witnessed an increase in home improvement activity.

According to a recent article by Santander, analysis of local authority planning applications, compiled by construction industry analysts Barbour ABI, homeowners submitted plans this year to extend their homes by an average of 24.875 sq metres each.

The combined total cost of this work is an estimated £1.9 billion pounds.

The impact on your insurance policy

Many homeowners do not realise that building works can impact and possibly invalidate their insurance policy.

If you plan to have any renovation work carried out on your home, no matter how small, you should inform your insurers of the work which is to be carried out so specialist cover can be put in place.

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Emma Hunton is a private client executive at PIB Insurance Brokers in York.