Wednesday, July 19, 2006
You should consider home insurance for your new home during construction. If you do not, you may be revealing yourself to a great deal of risk if a fire, theft, or other event damages or destroys your partially-completed home. One way to cover your new home during construction is by purchasing a standard homeowners insurance policy. This will cover you for any damage to the building as it is being built, and may also give some coverage for theft of building supplies. Once construction reaches this point, you can add on homeowner insurance coverage for your personal property.
A dwelling and fire policy may be an apt choice if you are living in your old house during construction, because the homeowner policy on that house would cover theft of items from the construction site. Once the building is complete, you should re-evaluate your coverage. If you opted for dwelling and fire coverage, you may need to purchase a full homeowners policy. If you bought standard homeowners insurance, make sure you have purchased the right amount of insurance, particularly if you have made modifications to the original building plans.
posted by renaa
@ 6:05 PM
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