Builder’s Risk Insurance: Extreme Home Makeover

By Rafael Onak, InsuranceAgents.com Staff Writer

As a homeowner, being able to renovate your home is definitely one of the coolest perks. Everybody needs a change from time to time, and expanding your bedroom or adding a back porch can fulfill that void in your life. Before you start knocking down the walls in your home make sure you purchase builder’s risk insurance first. Without a proper policy, chances are your home insurance provider won’t let you launch your home’s official makeover.  Get a fast response builder's risk quote, ompare quotes from the markets top rated insurers, and save before you start your build.  Estimates require compiling sets of the best rates for every aspect of your renovation.  Don't skip the little stuff!  Builder's risk insurance can be assessed by comparing home insurance quotes that include builder's risk or by getting an add-on quote.

What is Builder’s Risk Insurance?

Let’s just put all of the rumors to rest: Your standard homeowners insurance policy does not protect you against all damages. Many homeowners neglect to obtain a builder’s risk insurance policy because they are not publicized. Unfortunately, this tends to end very badly when renovations go awry and you’re stuck paying for any damages out of your own pocket.

To help homeowners avoid this problem, most home insurance companies offer builder’s risk insurance. This policy is specifically designed to protect homeowners against all damages endured in the process of renovating. Although they are more expensive policies than your standard homeowners insurance, builder’s risk insurance is well worth the investment if disaster should strike. Without a proper policy, you could be left responsible for hundreds of thousands of dollars worth of damages.

Here are some factors that help insurance companies calculate the appropriate type and level of protection:

• An accurate statement of the costs and materials of the renovations project
• The value of the completed building
• The details of the size and scope of the project, such as the number of floors in the building

Timing is Everything with Builder’s Risk Insurance

It is imperative you obtain builder’s risk insurance before you start upgrading your home by contacting a home insurance agent today. On top of protecting you against damages, an adequate policy can insure your building materials as well. It’s always better to be safe than sorry, especially when you’re dealing with uncontrollable factors. Giving your home a full-blown makeover is an exciting process, but don’t let one mistake put a damper on it.

With builder’s risk insurance, you are ensured your renovations go smoothly from beginning to end.

Published: Monday 28th September 2009