Types of insurance:
There are many types of insurance that come into play on a home construction project including: Builders Risk Insurance, General Liability Insurance, Individual Contractors Liability Insurance and Workmen’s Compensation Insurance.
For more information about home construction insurance:
For more information about home construction insurance it is best to talk to an insurance professional. If you would like to have an agent contact you, fill out the form to the right of this page, submit it and we here at “Home Building Quotes” will have a qualified agent at a competitive insurance company that provides insurance coverage in your local area get in touch with you . You will be under no obligation. Have your home construction insurance questions answered today.
Below is some helpful information that it is good to be aware of when having a home built concerning home construction insurance.
The home owners responsibility.
Builder’s Risk Insurance policy.
Do you need to have home construction insurance even though you are having a builder construct your new home? The answer may surprise you. The answer is yes you do.
A builder’s risk insurance policy also known as a construction risk insurance policy is necessary for the home owner to have during the home construction time period. If you have made an investment and have taken out a loan to build your house, you are the homeowner. Even if it is just starting up or at any phase of completion you and your investment need to be protected so as with any homeowner you do need to be covered by a home owners insurance policy.
You should have construction insurance before you start your building project and for the entire time of construction in case sometime happens as it could with any home during any point of the project from start to finish. Occurrences such as vandalism, theft, natural disasters and so called acts of god can happen at anytime.
A construction risk policy covers your building investment, the house and the property, while under construction. This usually is for the period of one year but can be extended for as long as it takes, as long as you keep your insurance agent informed as to its progress. Be sure you contact your insurance agent about any changes in the scope of the building project and in the time expected to complete the job. When the building project is finished you can terminate the builders risk policy and have the option to convert the policy into a home owners policy with the same company.
There are also other types of construction insurance needed on a building project.
The contractors responsibility.
General Liability Insurance.
Usually it is the responsibility of the General Contractor to have this insurance, The general contractor is the building contractor over the entire project. He is to carry a construction lialability policy. This type of insurance is designed for the general contractor to handle claims due to any damage caused by and or resulting from accidents or neglect for which the general contractor is responsible . General liability insurance is not the only insurance coverage necessary on a construction project.
Individual Contractors Liability Insurance.
The General Contractor needs to be sure that the people or companies he hires including subcontractors are covered by their own Contractors Liability Insurance Policies. This is the same kind of insurance that the general contractor carries but it covers their own company in case they becomes responsible for damage related to the work they do on the job.
Workmen’s Compensation Insurance.
It is also the responsibility of the general contractor to be sure that all the companies working on the job site and each of the subcontractors and their workers are covered by contractors workman’s compensation insurance. This insurance covers workers for personal injury related accidents on the job site. It covers emergency medical expenses, medical expenses and physical therapies necessary during the workers recovery period as well as compensation for lost wages during the time he or she not able to work as a result of the work related injuries.
May you have success in your home building project, and may being covered by insurance give you peace of mind.