Builders Risk Insurance | FerrariChat

Builders Risk Insurance

Discussion in 'Other Off Topic Forum' started by Scudmsl, Dec 23, 2020.

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  1. Scudmsl

    Scudmsl Formula Junior
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    Aug 12, 2014
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    USA
    #1 Scudmsl, Dec 23, 2020
    Does anyone have any experience with builders risk insurance that they would be willing to share? We are in the process of adding a new garage/office/bedroom to our vacation home and are having a tough time finding good options with our current homeowners insurance company...in fact they are canceling our policy because of the construction even though it has minimal impact to the existing structure. Looking for some insights or recommendations from the always reliable F-chat community. Thanks!
     
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  2. Texas Forever

    Texas Forever Seven Time F1 World Champ
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    Apr 28, 2003
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    Texas!
    #2 Texas Forever, Dec 23, 2020
    Think of builders risk as an inventory risk inventory policy. If you are a builder, you can’t buy homeowners insurance, because you are not a homeowner. I’ve never heard of an individual homeowner’s policy canceling due to a remodel. But, then again, this is not my space.


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    Scudmsl likes this.
  3. MotorMouth

    MotorMouth Formula 3
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    Jan 6, 2010
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    #3 MotorMouth, Jan 1, 2021
    The appropriate coverage is liability and workers comp on the builders end. Basic homeowners has things to cover random people getting hurt on your property, but not when work/payment is involved (friend slips on ice etc)
     

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