Need help with builders risk insurance
Suzy Lee
2 years ago
Featured Answer
Sort by:Oldest
Comments (22)
Jeffrey R. Grenz, General Contractor
2 years agoSuzy Lee thanked Jeffrey R. Grenz, General ContractorRelated Discussions
Builder's Risk Insurance - Homeowner vs GC?
Comments (8)We are the owner/builders for our construction. Our GC has a million dollar policy of his own. We had quite a time trying to find a policy since we are building out of pocket so that really limited our search. I suggest going to a company that deals with a multitude of insurance companies. The State Farm policy we considered would only last for a year and we didn't think we'd be done by then. Our agent finally found a company (Zurich) that would renew for another year and the premium was fairly inexpensive. Make sure you have all the extra riders you'll need. Since we live in earthquake country (Alaska - and our town was destroyed in the '64 quake). Thank goodness this company offered an earthquake rider. The deductible is quite large but worth it....See MoreNeed help! involves liability insurance!
Comments (5)Our builder's risk included $1 million in liability for anything that happened on our property. We were concerned because we are on a pond and had an open foundation hole for a winter, I was worried about people cutting through our lot to get to the pond to skate. We put a chain across the driveway with a No Trespassing sign (woods extend to the driveway, so there is no way for a vehicle to get in around the chain). The only person that got hurt was me. I fell in the foundation hole and ended up in the hospital for a week. So yes, it happens. I believe the policy was about $800 per year....See MoreBuilders Risk and Premise Liability Insurance..
Comments (7)Thanks for the input.. I just contacted Zurich and got an amazing quote.. 1400 for full coverage with 1k deductible.. But I noticed they did not offer premise liability.. I know the builder must carry his own liability insurance but even in the contract he specifically puts "liability insurance deemed necessary for his own protection".. With that I would think I should probably get some kind of liability coverage just in case something should happen on the property.. At least until we can get a homeowners policy.. The problem is that most of the insurance sites only list businesses for general liability.. I don't see any for personal protection.. Did you guys also purchase separate liability insurance or did you strictly go with builder's risk?...See MoreWho are you insured with? R U happy? need help...
Comments (20)Just to add--if you do decide to go with an agent, it should definitely NOT be someone you have to call long distance. You'd want to choose a good agent, in your neighborhood. They handle insurance from many different insurance companies, and as I said, will gladly do the research for you to find the best deal for your specific situation. The agents don't charge different prices--they don't charge you at all, they're paid by the insurance company. But as I said, even so, the insurance my agent found me is lower than anything I can find on my own, and it's with a very, very good company. As you're researching, can't hurt to check in with an agent in your town--just to see what they can find for you. Although, you sound as if you're doing some pretty good research on your own. Good luck...See MoreSuzy Lee
2 years agoSuzy Lee
2 years agoSuzy Lee
2 years agoSuzy Lee
2 years agoSuzy Lee
2 years agoJeffrey R. Grenz, General Contractor
2 years agobry911
2 years agoSuzy Lee
2 years agoC Marlin
2 years agodoc5md
2 years agoCraftsman Creations
2 years agobry911
2 years agoSuzy Lee
2 years agoqam999
2 years agoSuzy Lee
2 years agolast modified: 2 years agocjgibson1
10 months agoBW_TX
10 months ago
Related Stories
LIFEConsider Avoiding These Plants to Help Keep Your Garden Fire-Safe
Plants that accumulate dead material, are high in oil or have low moisture content in leaves put some homes at risk
Full StoryWORKING WITH PROS10 Times to Hire a Builder
These pros can help you with a custom home, a major remodel, an in-law unit or a vacation home
Full StoryLATEST NEWS FOR PROFESSIONALSHow to Help Clients and Adjust Your Work After a Natural Disaster
When disaster strikes, overwhelmed homeowners turn to design pros to help them rebuild their lives
Full StoryBOLD COLORThe Joy of Taking Risks in Design
Not interested in playing it safe? Then check out these 14 bold spaces
Full StoryMOST POPULAR9 Real Ways You Can Help After a House Fire
Suggestions from someone who lost her home to fire — and experienced the staggering generosity of community
Full StoryWORKING WITH PROS5 Steps to Help You Hire the Right Contractor
Don't take chances on this all-important team member. Find the best general contractor for your remodel or new build by heeding this advice
Full StorySELLING YOUR HOUSE10 Low-Cost Tweaks to Help Your Home Sell
Put these inexpensive but invaluable fixes on your to-do list before you put your home on the market
Full StoryMOVING5 Risks in Buying a Short-Sale Home — and How to Handle Them
Don’t let the lure of a great deal blind you to the hidden costs and issues in snagging a short-sale property
Full StoryREMODELING GUIDES10 Tips for Choosing and Working With a Builder
Make your construction experience a happy one by following these steps
Full StoryMOVINGRelocating Help: 8 Tips for a Happier Long-Distance Move
Trash bags, houseplants and a good cry all have their role when it comes to this major life change
Full Story
Joseph Corlett, LLC