When building or renovating a home, homeowners are faced with unique risks. During the construction process, homes and homeowners are more susceptible to losses ranging from fire and theft to vandalism and injury to a third party. However, with proactive planning, you can minimize your risk and enhance the likelihood of a safe and successful project so you can enjoy the comforts of your new or renovated home.
- Builder’s Risk Policy: Additionally insured
- Opportunities to save: With your home under construction, it may be the time to upgrade your alarm, plumbing, or electrical systems, or install loss prevention devices such as a whole house leak detection and water shut-off system. Upgrading can earn premium discounts on your policy.
- Create worker and occupant ground rules.
- Allow your contractor to handle negotiations with the workers and sub-contractors.
- Let every person near or in the house know they must heed safety practices.
- Post emergency numbers.
- Keep portable fire extinguishers easily accessible.
- Require workers to clean up debris daily.
- Turn off water and gas supply lines if not needed, but never disconnect fire or security alarms.
- Consider motion-activated lighting, fencing, gates across driveways, and security guards to help protect an unoccupied house.
- Use a locked garage or room to store tools and materials.
- Let the homeowner insurance company know the project is nearing completion.
- Ensure that your builder and sub-contractors all carry adequate liability coverage in the event of an accident while on your property, and ensure that your home policy has been bound and issued.
- You may also want to increase your liability coverage if improvements included, for instance, a swimming pool, tree house, or other structure that could be considered an ‘attractive nuisance’ and focal point for guests, children or trespassers.