If you’re a contractor, it’s a good idea to make sure your clients have home construction insurance for their benefit as well as yours. There’s no need for the owners to wait until the home has been completely built before they start protecting it.
The owners of the home should get a standard homeowners insurance policy while the home is being built to take care of any damage the property might suffer while it’s being constructed. Homeowners insurance should also cover any incidents of theft of construction supplies. While you as a contractor should have insurance to cover the theft of materials, it never hurts for the client to be protected as well. Homeowners insurance is also good if a visitor is injured on the property and decides to sue the owner.
Another option is for the homeowner to take out a dwelling and fire policy, which takes care of any damage done to the physical property. Bear in mind that this type of policy doesn’t cover theft. A dwelling and fire policy is a good option for homeowners who will be living in their old home during the construction process since they’ll enjoy complete coverage if they still have their homeowners insurance policy.
Just as your agent is there to help you secure quality construction insurance, he can also help you become more informed about how you can better help and protect your clients while you’re constructing their homes. The more you know, the better you’ll be able to give your clients peace of mind.