Insurance - Home Construction

Getting insurance for home construction is essential to protecting your assets during the building of a new home. If you are building a home, the structure is presented with several risks. It could be hit by a fire, damaged by the wind, or knocked over in a storm. There are a number of things that you need to be prepared for. There are a few different types of insurance that can help you out in this situation.

Homeowners Policy

Obtaining a standard homeowners policy should cover you while you are building as well. It can protect you against physical damage to the property, liability, and complete destruction of the property. The only thing that it may not cover is theft because the house cannot be secured yet. Once the house is able to be locked, you can add theft coverage onto the policy. 

Dwelling and Fire

Another common form of insurance during the building phase is dwelling and fire insurance. This is slightly different from a homeowners policy because it does not cover theft at any stage. If you are not living in the house while you build it, your homeowners policy on your other house would probably cover theft anyway. This is a more specific policy than a homeowners policy and can generally just be used during the construction phase. 

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