Do you need extra insurance during your renovation?

Maybe so, according to a new article from the Wall Street journal.

As a general rule, you should check your contractor has general liability, workers compensation and auto insurance. These will cover contractor injuries and damage to your property caused by the contractor. But there are still a risks to be covered.

Your homeowner policy, meanwhile, may not cover damage that occurs during construction work, such as fire, theft or mishaps, which are major sources of claims. Theft of materials, including copper pipes, from work sites is also epidemic. The fact that smoke and burglar alarms are often turned off while workers go in and out of the house doesn’t help.

The article goes on to recommend buying a builder’s risk policy or course of construction (COC) policy which usually covers damage from wind / rain, vandalism, and theft depending on the scope of your renovation or remodel.

Read more - When renovating, get covered via MyrtleBeachOnline.

This entry was posted on Tuesday, July 17th, 2007 at 8:37 am and is filed under Reno Wisdom, Remodeling, Renovations, Legal, Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.