Are you remodeling or renovating a dwelling? If so, you should have a Builder’s Risk Insurance policy in place for your property. A normal homeowner’s insurance policy generally will not cover your structure while it is being renovated. The Builder’s Risk policy will generally cover the structure for fire, wind, theft and vandalism. It will typically not cover perils such as earthquake or flood unless specifically endorsed to do so. It will also cover you for premises liability at the location of the property. Once the renovation or remodeling is complete a permanent property insurance policy should be taken out on the building such as a homeowner’s policy or a commercial property policy.
If you buy a property, but, don’t plan on starting the renovation work until a later date then you need to have a Vacant Property Policy in place for the location. If the home is uninhabited then you generally can not have a homeowner’s policy in place. You would need to have a vacant property policy in place, then a builder’s risk policy while you are renovating, and then a homeowner’s policy once you have finished the renovations and are living in the home. Ask us for a no obligation quote for any of these.