Many homeowners who are renovating their homes, or building a new one, make the expensive mistake of not securing additional coverage during the construction phase.
A fire may destroy your materials and equipment, or thieves clean you out in the dead of night. When you call your homeowner’s insurer, you find out it doesn’t cover your home when it’s under construction.
To ensure you don’t end up paying out of pocket if you are renovating your home, or building a new one altogether, you’ll need additional insurance during construction to protect your building materials from theft, fire, vandalism and storm damage.
Depending on what kind of project you are undertaking, you’ll either need an endorsement to your homeowner’s insurance policy, or a separate policy. Your coverage will also depend on what kind of insurance your contractor carries. Your Homeowner’s Insurance Won’t Cover Work Under Construction