Home Renovation Made Easy In Malaysia - YOU’RE THE BOSS AND GETTING YOUR INSURANCE RIGHT

Home Renovation Made Easy In Malaysia - YOU’RE THE BOSS AND GETTING YOUR INSURANCE RIGHT

YOU’RE THE BOSS

Home Renovation Made Easy In Malaysia It’s important to speak up early if you’re unhappy about any aspect of the work, particularly things like the quality of the finishes and the attention to detail. You have a right to expect a certain standard in your home and it’s not unreasonable to hold your contractors to account. The earlier you speak up, the quicker any corrections can be made, and the more likely the contractors are to keep to your standards for all subsequent work.

A fixed-price contract with your builder should be an attainable goal, and this is also a good measure of experience and confidence. A good quality builder will be able to assess your property and your plans and quote accordingly. All contracts that you negotiate should detail the scope, cost and duration of the build, as well as the rights and responsibilities of both parties. When dealing with tradespeople, aim to know as much about their role as possible, including the materials you have chosen to work with and how they should be used. This way, regular communication will reduce the likelihood of errors, rather than muddy the waters with unclear instructions.

GETTING YOUR INSURANCE RIGHT

One of the most common oversights that renovators make is to assume that their insurance policy covers their property in any circumstance. When you think about the potential for fire, flooding and theft while your home undergoes dramatic change, you’ll realise that getting your coverage right is just as important as your budgeting and planning processes. There is no hard and fast rule for insurers – your policy may have certain clauses specific to renovating, or you may not be covered during building works at all. Some policies may continue to cover you for your normal home and contents if you choose to live on your property throughout the duration of the works, but if you vacate, the policy may cease to cover you.

The best thing you can do to remove all doubt about insurance matters is to check your policy documents and call your provider directly to discuss the intricacies of what you have and what you need. Take extensive notes and repeat them back to ensure you’ve not misunderstood. If you’re happy with a particular arrangement, request a copy of it in writing. If your insurer cannot give you the required level of coverage in the case of damage or loss, they may suggest that you find a separate policy for the renovation or pay through your builder’s insurers. This can be done in the form of an additional payment, from several hundred to several thousand dollars depending on the scope of work and the value of your property, that will extend the builder’s coverage temporarily to a third party. This is something you should discuss with your builder before you’ve negotiated a fixed contract, because the request may not be automatically agreed to by them or their insurer.

If you’ll be undertaking any part of the renovation yourself, or coordinating it as a project manager, you’re probably going to need domestic building insurance.  Be prepared to encounter additional responsibilities around occupational health and safety for sub-contractors which may require you to take out Public Liability Insurance. You’ll also need to organise the relevant permits, insurance and inspections, and your owner-builder Certificate of Consent.

To further protect your home during a renovation, make sure it is kept secure and try to disguise any vulnerable access points. Keep the lawns trimmed and the mail collected, set up a fence, and perhaps set up some lighting on a timer. It might also be prudent to have expensive fittings delivered later in the build, when they can be stored safely.

Once your home renovation is complete, you’ll need to revise your policy once more. The value of your home and its contents will have changed (hopefully for the better!) Don’t assume that your current home and contents insurance provider is still the right fit for your improved property. Be sure to compare providers before locking in an agreement.

There is an incredible amount of organisation required to get things moving, but your renovation experience can be an enjoyable one. Provided you’ve covered all your bases and sought good, expert advice, the hiccups should be minimal. And when it’s all over and the flicker of the idea that you had long ago is fully realised before your very eyes, you’ll have a space that is uniquely yours, ready to be lived in and enjoyed into the future and beyond.