Builders Risk Insurance
& Building Your Own Home

One very important consideration when you build your own home is purchasing builders risk insurance to insure your property, and shield yourself from personal liability.
   
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The best piece of advice I can give you is consult with your insurance agent and make sure you have coverage that is suitable for your needs.

Your agent may, or may not handle Builders Risk Insurance. Do some research and find at least three sources, and pick the best coverage for your needs and your budget. You need to find a local agent that is familiar with your area. As I am sure you already know, rates and policies are different for each area on any insurance.

Builders Risk Insurance what is it?

Builders Risk Insurance is a form of property insurance that is designed to cover property owners or builders during construction, or renovation projects. Builders Risk is very similar to normal property insurance but is designed to cover structures, or homes during construction.

What Does Builders Risk Insurance Normally Cover?

Normally any item that puts the Builder at risk. Including theft, vandalism, loss or damage due to act of God, building materials and supplies etc…. It is to be noted that contractor tools and equipment are not covered.

You can only determine what is best for your situation after doing your research. A knowledgeable agent is invaluable for this. When we built our home we talked to two agents. I know my rule is three, but I ran out of time. We selected an agent that specialized in business insurance, and had experience with owner builders.

We never had to use our Builders Risk Insurance. As with all the Insurance that you have, it is there if you need it, but you hope you never do.

You can do many things to insure you building site is secure. This would include getting to know your new neighbors and giving them your cell phone number, so they have a way to contact you when you are away from the project. My neighbors were great while I was building. If they saw anything that they even thought was suspicious they would call.

If you are in an area that you are concerned about theft, you can rent temporary fencing to protect your property and materials.

We had the best of both worlds: we lived on our land while we built our home. We lived in our 39 foot RV. Lest I forget, it is for sale. Why don’t you take a peek at My Recreation Vehicle!

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