Do We Need Special Insurance While Our House Is Being Renovated Or Built?
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Question: Do we need special insurance while our house is being renovated or built?
Why Do We Need Special Insurance While Our House Is Being Renovated Or Built?
Personal lines insurance products don’t cover everything and insurance companies build in exclusions for 3 reasons:
- The risk is considered uninsurable like damage from war or nuclear explosion
- The insurer doesn’t want to cover it
- The risk is more appropriately covered by another insurance product
Reason #2 & #3 both apply when it comes to personal insurance products providing insurance coverage while a house is being renovated or built. More specifically below is an actual and typical exclusion in a Canadian homeowners insurance policy. It is the reason why more people need to ask “do we need special insurance while our house is being renovated of built?”
Homeowners insurance policies typically void all coverage should a loss occur during construction or a significant renovation.
Real Canadian Homeowners Insurance Exclusions Wording:
“But we do not insure loss or damage:
occurring while the dwelling is under construction or vacant, even if permission for construction or vacancy has been given by us;”
How Does Special Insurance While Our House Is Being Renovated Or Built Work?
Fire, theft or other damage to property and or materials on the construction site is a major concern for home owners, contractors and subcontractors. Builders risk insurance is specifically designed to protect the property while under construction and picks up where homeowners insurance stops.
Another major risk for homeowners while their house is being renovated of built is someone coming on to the construction site and getting injured. This is also exclude by the homeowners construction exclusion which is why wrap-up liability insurance should be place by the homeowner.
Do We Need Special Insurance While Our House Is Being Renovated Or Built Is A Question ALIGNED Insurance Brokers Would Be Happy To Discuss Or Contact Us For Quote To Provide Insurance Coverage While Your House Is Being Renovated Of Built at 1-866-287-0448
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