Property Under Construction Insurance

Insuring property under construction

Planning and building a new home is an exciting venture. There are many details to consider, ensuring that your new home matches up to your expectations, from the color of the carpets to the position of the porch. One of the most important details is that of building under construction insurance. Not only can this safeguard you and your family against any financial loss, but it can also protect you against lawsuits if anyone is injured on the property whilst it is being built.

“The type of insurance you will need depends on whether you own the land on which the home is being built. If the building contractor owns it then the responsibility for insurance is his. If you own the land, the responsibility is yours.”

If you are responsible for insuring property under construction, you must make sure your policy offers coverage against people becoming injured on site. This isn’t part of standard insurance, but vital to your peace of mind. In addition, you need to be sure that your contractor has the necessary coverage to begin work. You may want to ask them to name you as the ‘additional insured’ to give you extra protection. It also needs to be made clear exactly who owns the materials that are being used to build the house. This will determine who is responsible for builder's risk insurance. Builder’s risk insurance covers the home and the materials used against theft during the process of construction.

QuoteRack.com offers a simple solution to finding all these components, simply completing our quote request form will send your details to the relevant finance and insurance specialists on our database who are in your State and who will know where to find you the best property under construction coverage.