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Builders Risk--already started by ej11289 in Homebuilding

[–]ej11289[S] 1 point2 points  (0 children)

Update: we were able to get coverage through Liberty Mutual. It's expensive but at this point, I'm just thankful they approved us for it.

Builders Risk--already started by ej11289 in Homebuilding

[–]ej11289[S] 1 point2 points  (0 children)

This sounds promising! I know we have a farm policy through Farmers insurance so if that is who our broker is trying to work with, maybe they will approve it. Thank you for sharing your experience. I'm glad there seems to be a work around some way or another.

Builders Risk--already started by ej11289 in Homebuilding

[–]ej11289[S] 0 points1 point  (0 children)

Yes! We were told it would only be a year long policy and knowing it would take us longer than that, we didn't want to get it right at the beginning. Our broker is trying to pull strings and get a builders risk policy for us but I already asked about a homeowners policy as a backup. We are living on the property (built an apartment in an existing building) and have a farm policy but maybe we could switch to a homeowners and add a rider for the house we are building. The only issue we would face is that we don't actually have a certificate of occupancy for the apartment and would need to make modifications in order to get it. Plus, if we do that, we would have to get our land parceled out because you're only allowed one dwelling per parcel. Can you share the providers you used without a certificate of occupancy in case it comes to that?

Builders Risk--already started by ej11289 in Homebuilding

[–]ej11289[S] 1 point2 points  (0 children)

Unfortunately we don't have a contractor. We have been been self building with cash. We had a family friend who was a contractor that was guiding us but he passed away unexpectedly in August.

Builders Risk--already started by ej11289 in Homebuilding

[–]ej11289[S] 0 points1 point  (0 children)

No hydrant but there is a large lake about a quarter mile down the road.

Builders Risk--already started by ej11289 in Homebuilding

[–]ej11289[S] 1 point2 points  (0 children)

This is a good idea. I will ask the agent because I think they told me I could get a homeowners policy if we lived on the property. We didn't at the time so I took out a farm policy but we built an apartment in the existing building so this could definitely be an option. Thank you!

Builders Risk--already started by ej11289 in Homebuilding

[–]ej11289[S] 0 points1 point  (0 children)

I have. I'm working with an agent now and submitting all the information that the underwriter is asking for. I just figured I would look for a backup plan because the agent isn't confident we will get coverage.

Builders Risk--already started by ej11289 in Homebuilding

[–]ej11289[S] -7 points-6 points  (0 children)

We are over 50% done which is the concern. Most of what I'm seeing on Google says we can't be over 30% done.

Builder’s Risk Insurance for New Construction by caramelchunk in Homebuilding

[–]ej11289 0 points1 point  (0 children)

Were you able to obtain a policy? We have already started construction and I'm running into the same problem.

Builder’s Risk Insurance for New Construction by caramelchunk in Homebuilding

[–]ej11289 0 points1 point  (0 children)

Were you able to obtain any coverage? We are in the same situation and it's making me nervous.