Halifax Home Insurance: Unfinished renovations affect millions

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www.moneynews.co.uk > Insurance > Halifax Home Insurance: Unfinished renovations affect millions

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Halifax Home Insurance: Unfinished renovations affect millions

Halifax Home Insurance has found that 1.7 million British households have been living with an unfinished home renovation project for over two years.

Nearly a quarter of a million households even leave their home improvement attempts incomplete for a decade or more.

Half of those surveyed by the bank blamed time pressures for their unfinished work, while a further 29 per cent cited financial constrains.

Bedrooms were the most likely room in the house to remain half-refurbished, while kitchens, bathrooms and dining rooms followed close behind.

David Rochester, head of underwriting at Halifax Home Insurance, said: "Budgeting effectively for the financial cost of completing a DIY project and being realistic about the time it will take to complete it can save significant heartache."

He also warned would-be DIYers that taking on a complex renovation project they are not qualified for could invalidate their home insurance.

Yesterday, Alliance & Leicester reported that UK residents estimate it will cost them an average of £11,833 to bring their homes up to the standard they want.
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