Nail Down Insurance Needs for New Home Building
When you work with new home builders in Portland to design and construct your home, the focus is always on the result. But it’s important to consider what you need along the way, too. Ask potential builders about the insurance they carry and what it covers, as well as its limits. Obtaining the right insurance during the construction process is something you should include in your pre-building checklist to help keep your home plans on track.
Builder’s Risk Insurance
This insurance is for homes under construction and It usually covers vandalism and theft of tools, equipment and construction materials, such as copper and lumber. For many years, copper has been stolen from job sites due to its value. Today’s thieves are even bolder: There are several thousand thefts every year of heavy equipment left on-site. This means you’ll need to ensure coverage in an amount that covers replacement.
If your home is in a planned community with new home builders in Portland, you probably won’t need this insurance because you don’t own the property until you close on the home. If you own a lot and are having a home built on it, you will need to obtain coverage unless the builder you’re considering already has it. In either case, it will be in your contract, so be sure to read it carefully.
Custom Home Building
If you’re building a custom home, you will need a homeowner’s policy with liability coverage in place before any construction begins. Typically, it should protect you in the case of a job-site accident and cover damage from fires and storms. A homeowner’s policy is in addition to the builder’s risk insurance. Generally, a limit of $300,000 if sufficient. If you have substantial assets, you should consider a higher liability limit or add an umbrella policy for additional protection.
New home builders in Portland expect and encourage you to ask for their insurance information, as well as their licensing credentials. Contact Mountainwood Homes through its website form to discuss your new home needs today.