Have you recently purchased an older home in order to renovate it? If so, it isn't homeowners insurance you need -- it's builders risk insurance. While a property is under construction, it is builders risk insurance that protects you. Here's what you need to know:
What's the Difference Between Builders Risk and Homeowners Insurance?
Homeowners insurance presumes that you're living inside of the home that you're insuring. In fact, there are different types of insurance (Landlord's Insurance) for those who are renting out their home. There are different types of risk associated with a home that is being renovated and a home that is being actively lived in. Homeowners insurance covers issues that could occur while you live in a home (such as robbery, injury, or property damage). Builders insurance covers other risks associated with the property being vacant and worked on.
What Does Builders Risk Insurance Cover?
A builders risk insurance plan will cover:
Builders risk insurance also covers traditional issues such as fire, theft, and wind and storm damage. However, like many homeowners insurance policies, it isn't likely to cover things like flooding or earthquakes, because these are usually additional insurance policies. Your insurance company can tell you more about what types of insurance policy you're likely to need, and you can shop around for quotes before committing to a premium.Share
9 January 2019
Do you constantly fret about your future? Perhaps, you worry about what might happen to your significant other and kids if you suddenly passed away. If you can relate to this scenario, obtaining a life insurance policy might help you get the peace of mind you desire. Depending on your unique situation, you might benefit from acquiring a term or whole life policy. A trusted insurance agent can listen to your needs and help you figure out what type of policy will be best for you. On this blog, I hope you will discover the numerous reasons you should secure a life insurance policy sooner rather than later. Enjoy!