I need to know what kind of insurance to buy. I am remodeling a home that will be vacant for six months?

December 31, 2009 by homeremodeling · 2 Comments
Filed under: Insurance 
home remodeling
murph asked:

The cabin is a shell that needs to have interior work done to be complete. I am due to close on the property this week but must have insurance. I cant use homeowners insurance since I don’t live there yet. I spoke with Geico-my provider-and they suggested a construction insurance policy. I have to insure the property for XXX$ in order to close. I am confused. Do I need mortgage insurance or real property insurance or ??? Thanks.

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2 Responses to “I need to know what kind of insurance to buy. I am remodeling a home that will be vacant for six months?”
  1. Jonathan S. Carroll, ASLI says:
    January 3, 2010 at 8:30 pm

    You need an owners interest / builders risk policy. I am a licensed insurance agent & specialize in construction insurance, and can help with this.

    If you’re interested, I can provide a free quote, with no obligation. Please email me for info. [who]

  2. c says:
    January 5, 2010 at 9:03 am

    You need a course of construction policy (builders risk) in the amount of your loan.
    If you are remodeling for lets say $X, you need to add that on top of your loan to cover the entire thing (the current structure and the addition/remodeling portion).
    Just be aware that this kind of policy does not cover premises liability, as its only for the actual structural damage. If you want liability also, I suggest you get a separate liability policy for vacant dwellings.
    You can get your COC (course of construction) policy through Zurich. You can either contact them directly, or you can call a local Farmers Insurance agent. They work w Zurich directly and will be able to give you more detailed personal assistance. The liability policy can be purchased through for example Nautilus Insurance Company. [who]

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