Think of this before you renovate

DIY renovations .. which are popular on Australian TV shows like House Rules, can have their downsides. Picture: Supplied Source: Supplied

AUSTRALIANS' addiction to home renovating could result in them being caught out by failing to be properly insured.

The nation's fixation on revamping the family home has been driven by prime-time TV shows including House Rules and The Block, but renovators are being urged to think twice before embarking on renovation projects.

Experts warn homeowners they could be left in hot water by failing to have proper insurance cover before allowing tradesman into their home.

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One in two Australians have no idea they need to contact their insurance provider before kickstarting a renovation project and 52 per cent are in the dark about what their home and contents policy covered.

Galaxy researched commissioned by Woolworths Insurance found 22 per cent of people believed their insurance covered them for all renovation work.

Woolworths Insurance's senior business manager Nicolle Glover said Australians needed to take caution before kickstarting renovations.

"People should make a 10-minute phone call to their insurer to make sure they are covered and work out what measures they need to do to make sure they are still covered while doing a renovation,'' she said.

"Let the insurer know how long it is going to take and the extent of the renovations and put your mind at ease."

Ms Glover said water damage and death were among unforeseen circumstances that might not be covered by insurance policies and urged homeowners to also check the tradesmen were licensed.

An Insurance Australia Council spokeswoman said it was vital homeowners contacted their insurer about their plans and to make sure they have home warranty insurance.

"Review and update your policy to ensure the renovations are covered.,'' she said.

"Before selecting a builder to carry out the work check they have home warranty insurance, the requirement for builders to have this type of insurance varies between states and territories.

"Generally, home warranty insurance provides consumers with a layer of financial protection if a builder is unable to honour their commitment under a contract due to death or insolvency."

The ICA also recommends homeowners contact there insurer once the renovations are complete to allow for any change in the value to their property.

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