Your Frisco Homes Under Construction Insurance Agent
As an independent insurance agent, Parkwood Insurance can get you the best coverage for your home while it is being built. We understand that while your dream home is under construction, the last thing you want to worry about is whether it is fully insured or not. At Parkwood Insurance we have you covered.
Why Do I Need Homes Under Construction Insurance?
Insurance is designed to protect you against the risk of a substantial loss or damage caused by an unknown factor. The process of building a new home significantly increases the likelihood of loss or damage to one of your financial interests.
A common error many homeowners make is thinking that if they contractor is insured that they are than free of liability or construction risk. Unfortunately, this is not always the case. As the homeowner you need to protect your financial interest throughout the construction process.
What Does Homes Under Construction Insurance Cover?
Insurance for construction projects is usually dictated by the terms of the unique contract between you, the homeowner and your contractor. It has become increasingly common for these contracts to assign the responsibility of carrying property insurance to you, the owner.
When it comes to choosing the right policy, you have more than one option. Some homeowners policies will provide coverage while other insurers will have a builders risk endorsement for a dwelling and fire policy.
A standard homeowners policy protects a home during and after construction. In addition to coverage against damage, often you will be covered against theft of building materials and have liability protection in case anyone gets hurt or injured onsite. However, homeowners policy will generally not cover loss or damage to your personal property if your home isn’t secure against unwanted entry.
A dwelling and fire policy protects the physical structure only against fires and other hazards like vandalism and wind damage. While you may save money by having a swelling and fire insurance policy, you will not be covered against theft of building materials or against hazards not listed in the policy.
we strongly recommend you to consult with an insurance agent who can determine the policy options that will best manage your potential risk.
How To Get The Best Homes Under Construction Insurance in Frisco
Property owners need to be aware of and understand the obligations and responsibilities they assume when they hire their builders or contractors. At Parkwood Insurance we can assess the scope of the construction project and determine which policy is best suited to protect your interests.