Homewoner insurance and builder risk insurance question
pds22
11 years ago
Featured Answer
Comments (9)
gaonmymind
11 years agopds22
11 years agoRelated Discussions
Health Insurance; Exclusion Issue Question
Comments (3)>>In answer to your question, though, exclusions aren't something on your medical record that future insurers would know about. It's an administrative thing that your insurer would have in their records. >> I'm not so sure about that. First of all, EVERY insurance application is added to the MIB (Medical Information Board), a clearing house run by insurers, for insurers. Second, I've never seen a full insurance application that did not ask, "Have you ever been rated on any insurance policy?" (or similar question). Now, it's perfectly true that what one company might rate you for, another company will not. But that your answers become part of your insurance application, is certainly true. AND, every insurer has the right to contact any other insurer who has a policy on you, to look over the medical information you submitted. It's one of the waivers you have to sign before they'll even consider the application. When I worked for a major reinsurer for 13 years, we didn't often request additional medical information from other insurers - but there were occasions when we needed to do so, and we exercised our legal right to do it....See MoreInsurance questions
Comments (3)I agree with JDS-- you need to talk to an insurance agent (or two) to find out the options in your state. You may not sue yourself for property damage, but I could easily see bodily injury and medical payments becoming an issue. You also get legal protection, so if you are sued, even frivolously, the company steps in. Even one non-insured sub could come after you. I am building a home and have a separate dwelling under construction (builders risk) policy which switches over to a homeowners at the end. It's relatively cheap to pick up an umbrella policy or increase the liability limits, which gives you additional coverage for those possible lawsuits. I can't imagine a company being allowed to be an additional insured on a personal policy and the company having nothing else. Since the company is only doing one job, it should be easier to accurately forecast your payroll or gross revenues and not have a surprise at the end of the year audit. It may just be the cost of doing business....See MoreOwner/Builder insurance requirements
Comments (5)Your lender will be a good source of information regarding insurance requirements. Generally, they require builders' risk, general liability, and workers' compensation insurance. You should also consider the risk of errors and omissions in the plans which could result in significant cost increases during construction. Talk with your architect or designer about whether they have errors and omissions insurance. Good luck with your project....See MoreNeed help with builders risk insurance
Comments (22)When I had a kerfuffle with my homeowners' insurance due to remodeling, my incompetent agent managed to get them to cancel me due to mistaken assumptions and the world's worst communication. She said other companies would only cover me with a much-increased premium and then didn't respond for weeks at a time as the clock ran out on coverage. My nerves don't allow me to let my house go uncovered, so in a panic, I reached out to the company insuring my car at the time - MetLife. I already had history with them, and I have a very good credit rating, and they very nicely came back promptly with an offer to cover my house same day, for the same amount I'd been paying. SUMMARY: Try an insurance company where you already have a relationship as a known customer for another type of insurance....See MoreLinda Gomez
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4 years ago
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