Building a new home or considering some major renovations this spring?
If so, there are some guidelines provided by one of our major insurers
about these Builder's Risk policies that apply to you.
Historically,
the time during construction is one of the riskiest for your home.
The insurance companies want to ensure that you are taking reasonable
precautions to keep the property a safe and secure place. So keep
the following guidelines in mind when working on your next home
building project.
 Required
for all Builder's Risk policies:
1. Fire extinguishers
on each level of the building.
2. Copies
of the contractors certificate of insurance homeowner as the certificate
holder.
3. The contractor
must have sufficient liability coverage to cover the completed
value of your dwelling.
4. Once the
building is fully enclosed (windows, walls, doors, and roof) a
central station burglar/fire alarm may be (and will be the majority
of the time) required.
Additional
safety requirements for some higher value dwellings:
5. Fencing
and night lighting around worksite.
6. Caretaker
or security guard (for dwellings reaching $3 million in coverage
during construction). |
If Santa left you something new and sparkling in your stocking this
year, you’ve acquired some new art, or have an irreplaceable
Picasso sketch, this is the time to review your insurance coverage
and possibly add those items to a valuables policy.
(and
those currently licensed under 6 months) have new regulations
concerning passengers for the first 6 months they are licensed.
Violators risk suspension of thier license until age 18. Visit
Turn
up the heat in your garage and set it higher in the rest of your
home.
