Converted Property Insurance

What is converted property insurance?

If you are considering doing a property conversion, perhaps dividing an existing house into self-contained flats or apartments, you may have realised that such a project brings with it a host of potential pitfalls, not least how you are eventually going to find converted property insurance.

Insuring a converted property is not a routine request catered for by many mainstream insurance companies. There are so many possible variations that each case has to be considered on its own individual merits, including who has done the property conversion, what the purpose of the conversion will be, and is it for commercial or domestic use once the property conversion has been completed.

What does converted property insurance cover?

The main areas covered under a converted property insurance policy include:

• Buildings insurance: This covers damage to your home’s physical structure, its fixtures and often its fittings, commonly including roofs, chimneys, walls and windows.
• Contents insurance: This covers your possessions, such as furniture, clothing and electricals. It is common for each item to have a maximum claimable value, typically £1,000. If you have any items worth more than £1,000, please visit our high-value contents insurance page.
• Theft of building materials, building site vandalism and malicious damage.
• Accidental damage: whether to the buildings or contents of your home, it is usually possible to extend your home insurance policy to include accidental damage.
• Legal expenses: most home insurance policies either include or allow you to extend cover to include protection against legal costs in the event of legal action against you as a homeowner.
• All risks cover: cover for your personal items - watches, jewellery, electronic devices - while they are away from your home, can often be included under your home insurance policy.

Depending upon the type and extent of the individual property conversion, additional insurance policy terms and conditions might be applied or extended as required.

The trend for property conversions has grown enormously in recent years and many property speculators are increasingly finding older, larger properties to convert into flats, bedsits or apartments. Insuring converted property is an area that needs the expert knowledge and experience of insurance specialists. .

Who did the property conversion?

If you have bought a converted house, with a view to converting the property into flats, then your solicitor will have done the normal searches during the conveyance process. This may however throw up the possibility that some work has been done on the property for which the relevant planning consent was either never granted or maybe not applied for. In these cases, you may need indemnity insurance to cover the potential cost of any litigation or retrospectively gaining planning permission.

Frequently asked questions

How does property conversion insurance work?

There will usually be two aspects to the conversion - the existing building's infrastructure, plus the new, additional and altered part of the building. If the conversion is yet to take place, you will need, as the property developer and doing the work yourself, to ensure that cover is in force for the plant and materials required to complete the job.

What if my converted property is a holiday home?

If your converted property is also a holiday home, we can help you to insure its buildings and contents through our holiday home insurance category.

What about insuring a barn conversion?

We can help you with barn conversion insurance, depending upon the state of the conversion and whether you want to insure the completed barn building and contents, or if you are looking to take on a barn conversion project.

How can we help?

Completing the QuoteRack 'Converted Property Quotation Request Form' will send your details to a range of insurance experts who specialise in offering insurance for converted properties. There is no obligation to proceed and you will hopefully be impressed with the converted property insurance quotes you receive.