It’s an exciting time! You’re building or renovating your home. You have your Pinterest board filled with ideas and when you see the Pottery Barn catalog arrive you get excited. What could be more exciting than customizing your living space to be exactly what you have always wanted? After you select your contractors or maybe you are lucky enough to be handy and able to do it yourself, you need to consider your insurance. We know that talking about builders risk is not nearly as fun as selecting appliances or paint colors. However, when you are building a new home or reconstructing your current home, you need builders risk to protect the property and materials you may have onsite.
What would happen if your new home was half built and a fire occurs? How are the already completed work, material and labor covered? A Massachusetts builders risk insurance policy would step in and cover the loss to repay you the investment. If you are reconstructing or remodeling your home, until the construction is complete, your homeowners policy only covers your previous structure. Even the cost of materials can be costly. Builders risk also covers theft of materials on your job site. Often times, builders risk can cover flood or earthquake damage which many homeowners policies do not include. You may not think you need builders risk for a small job but think again. Even a small slip and fall can result in a great deal of liability. With a builders risk policy you can add coverage to protect you from costly accidents.
If you are homeowner acting as your own general contractor you still need builders risk.
You can buy builders risk in short term and longer term policies. Also, carriers allow you to cancel your policy early if the job is complete.
Even if the contractor doing work is insured, unless you have a contract with the contractor that requires them to purchase the coverage, you could be left unprotected.
More often than not your homeowners policy will not cover damages. Check with your home insurance agent before you start any project.
...Their staff is friendly and always ready to help. Accommodating last minute requests, answering questions, preparing documents, and overall great customer service are just a few reasons we have remained with Berry. We are very satisfied with their services and happy to be their client. We expect to be working with them for many years. - Stephen C.