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Are you building, or doing a major remodel project?

Have you decided to build or take on a major remodeling project? Besides all the excitement and work involved do you know how this will effect your home insurance coverage?

Well pertaining to the insurance coverage you have considerable issues that need to be addressed before you start this project. If you are building a new home are you responsible for the insurance or is the builder? You may need to purchase a builders risk policy rather than a standard homeowners policy.

In our area it is a trend to buy an older home in a desirable location and demolish the existing home and rebuild, what then? This usually takes place in steps, buy the house and maybe move in or just start teardown immediately. So what about the insurance? If it is a demolish and rebuild, major remodel where you do not reside there until finished or remodel where you reside there amongst all the construction at least part time.

You might ask what difference does it makes? Well homeowners policies usually will have coverage exclusions if the home is unoccupied or vacant. These are not the same when you are talking about insurance. What's the difference? According to Webster's vacant is: “when something is without content or occupant.” Unoccupied is where there is personal belongings like furniture, appliances, clothing but you are not living there for a period of time.

If a home is vacant/unoccupied for over 60 days there is usually no coverage! Therefore, you may need to get a builders risk policy along with a policy for where you are living during the construction/remodel.

As always when you have insurance questions please call me at 913-948-6590.


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