There are a couple of things to consider about your home insurance if you’re planning a major remodel. First, if you’re not going to be living in your home while the remodel is taking place, your current home insurance may have automatic coverage suspensions that take place after 30 and/or 60 days of unoccupancy. In some instances, coverage could get totally suspended after a certain amount of time where the home is unoccupied.
Another thing you’ll want to consider is the coverage. A standard home insurance policy is meant to provide coverage for your home and the contents in your home among other things. But what about the thousands or tens of thousands you’ve spend on building supplies and materials? On a standard home insurance policy, they may not be covered.
So what are you to do?
You may want to look into a short-term builder’s risk policy. These policies can provide very broad coverage and can include the theft of building materials, property in transit, property in storage, and even property owned by subcontractors and suppliers. Builders risk can also cover damage to newly paved surfaces and even installed trees, lawn, shrubs and plants. Another benefit to these policies is the flexible policy terms. Whereas a standard home insurance policy is a 12-month policy, builders risk policies can oftentimes be purchased in three, six or nine months terms.
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