There are a number of risks when undertaking a remodeling or building project at your home, business, or after purchasing a vacant property. You may not the full scope of the project laid out, making it difficult to have the right insurance coverage. Whether or not you have taken a loan out for the project (since most lenders require insurance coverage for the project), securing a builder’s risk policy can protect your insurable interests and assets during the scope of the construction.
Unique Property Insurance
You have a vested interest in your construction projects, whether it’s the materials and supplies, the expense of cleaning up any damage, or the threat of theft or vandalism. These risks are gone once the project has been completed, but you need a safety net against them during the course of construction. COC policies become that safety net against the liabilities of damage or loss. As the homeowner or property owner, you are financially responsible for the incidents that occur, and you may not always be able to file a claim with your contractor’s insurance.
COC or builder’s risk insurance can be customized to address your construction project. Coverage options could include:
- Comprehensive general liability
- Building coverage
- Ordinance and law repairs or rebuilds
- Equipment breakdown
- Identity restoration
Meeting with an insurance agent that specializes in construction can advise you on how to protect your building project.