Tower launches new cover as more than two thirds of Kiwi homeowners claim renovations are on the cards
- 58% of Kiwis believe it is better to renovate than move house in the current market
- 68% of homeowners said they are likely to renovate their home in the next two years
- 35% of homeowners think their current home insurance covers them should something unexpected happen.
Kiwi insurer Tower has today launched its new Contract works – Renovation cover, as the trend for home renovations continues to spike.
Most house insurance policies only provide cover for minor alterations. Tower's new Contract works - Renovation cover will ensure Kiwis undertaking large renovations, like those that require building consent, are covered in case the unexpected happens.
Research by Pureprofile, commissioned by Tower, shows that more than half (58%) of Kiwis believe it is better to renovate than move house in the current market, if they’re needing or wanting to upgrade their living situation.
While a staggering two thirds (68%) of Kiwi homeowners said they are likely to renovate their home in the next two years, more than one in three (35%) think their current home insurance covers them if something unexpected was to happen during renovations.
Tower CEO Blair Turnbull says Tower’s Contract works - Renovation cover has been designed to give Kiwis peace of mind when they undertake home renovations.
“In this current climate, we’re seeing more and more Kiwis renovating their home, and our research shows us that almost one quarter (23%) of homeowners have already started to progress renovation plans. It’s concerning that one third (35%) of homeowners think their house insurance covers them should something unexpected happen, and one third (36%) don’t know what they’re covered for. As construction costs soar amid record inflation, it’s now more important than ever to have the right level of insurance protection if you’re about to get underway with a renovation.
“Our Contract works – Renovation cover is separate to house insurance or builders’ insurance and covers damage to the renovations being completed and theft of materials during the construction period.
“It’s essential Kiwis understand what the contract they have in place with their builder or renovation company covers in terms of insurance. Different builders use different insurance products, and the right liability insurance for the project may not be in place.
“We are seeing that the demand for home renovations is continuing on an upward trajectory, and almost one third (30%) of homeowners are planning on spending more than $50,000 on an upcoming renovation. With Kiwis renovating in huge numbers, now is the perfect time to launch a renovation specific product,” says Mr Turnbull.
Tower’s Contract works - Renovation cover even includes works like installing a swimming pool.
Homeowners need to hold a current Tower house insurance policy to purchase Renovation cover, and renovation insurance should be in place before work starts or as soon as goods arrive. Tower customers can request a no obligation quote call back to discuss their requirements.