If you are building a new home or just doing an addition to your current home, you will likely need a Builder's Risk policy. Many people mistakenly assume that they are covered under their Homeowners policy. Almost all Homeowners policies either drastically limit, or completely exclude coverage for an addition or a home that is vacant and under construction.
Many people also mistakenly assume their general contractor (GC) will provide the coverage. It is possible for the GC to carry the Builder's Risk coverage, but this should always be verified in writing and should not just be assumed that they have the coverage.
The best solution is for you to purchase your own Builder's Risk policy. Whether you purchase the policy yourself or whether the GC's purchases the policy, you will pay for it either way (the GC will pass the cost onto you). There are several advantages to getting your own policy:
Contact us today for more information about Builder's Risk coverage.