BUILDING A NEW HOME? You Will Need a Builders Risk Insurance Policy

August 8, 2012 at 9:38 AM | Posted in Home | Leave a comment
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If you’ve made the decision to build your own home, you need to make sure that you are properly insured during the process.

A Builder’s Risk Policy provides coverage for the structure itself, as well as all building materials located on the property during the course of construction. The amount of coverage is based on the estimated replacement cost of the house once it is complete. The policy is a basic policy with no additional coverage such as Replacement Cost on the Dwelling or Contents. Additional coverage can be added to the policy once the house is complete and occupied.

When hiring a General Contractor and your house is completed and occupied within a six to twelve month period, most companies will offer you a Personal Lines Builder’s Risk Policy that can later be endorsed to a Personal Lines Homeowner Policy when you move in.

When you are acting as the General Contractor most companies will require that you purchase a Commercial Builder’s Risk Policy that will later need to be cancelled and rewritten to a Personal Lines Homeowner Policy when you move in.

At Protector Group Insurance we can guide you through the guess-work and help you plan the proper policy coverage to build your dream home!

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