A great deal of thought, time and money goes into building a home, as you select bespoke tiles and cabinetry and the right paint colors for each of your kid’s room. On the list of to-dos is making sure that while your home is under construction it is properly covered. Builders Risk insurance from Dickstein Associates Agency fits this bill.
Builders Risk insurance covers buildings and other structures while they are under construction for specific events such as fire, lightning, explosion, windstorm, hail, and smoke. It also covers vandalism and theft of the tools and equipment being used to build the house and the materials. It does not provide Liability coverage if someone is injured on the property. Policies are generally written for six to 12 months, and typically can be renewed if there are construction delays.
Ask your contractor to purchase Builders Risk insurance. Also, be sure to ask the contractor what type of insurance is in place and what limits are on the policy to ensure they are adequate. Also, request a Certificate of Insurance to verify coverage, and ask that the contractor also carry Liability insurance to protect against potential third-party injuries on the property. The contractor should also carry Workers Compensation in the event a worker is injured in the course of employment.
Once construction is completed, be sure to secure Homeowners insurance to protect against property damage and liability.
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