Builders Risk Insurance
Purchasing a wood frame two family in Red Hook. I need to acquire builders risk insurance for six months. Does anybody have any suggestions? It seems the options are quite limited. Thanks
Purchasing a wood frame two family in Red Hook. I need to acquire builders risk insurance for six months. Does anybody have any suggestions? It seems the options are quite limited. Thanks
Chubb did it for us and we were not existing customers. We did, however, need to switch all property and auto policies over to them to get a better rate. It is terribly expensive, but it was the only company we could get a quote from and needed proof of insurance to close.
Chubb is awful. Aside from being ridiculously expensive, they agreed to one one level of insurance with us and after doing a second evaluation, they said we need double. Bait and switch. Had we not abandoned them, we would have been WAY overinsured. We switched to Greenwich.
Highly recommend Arthur Chernick and Co…ask to speak to Howard Michaels 212 697 2147 very nice guy and really smart. He helped us on the closing and now helping with the renovations portion as well….Fort Greene Brooklyn.
Chubb wont do it if you’re not already a customer.
Just went through this process on a two family in BHill. Virtually no one will write this policy. Chubb was the only one we could find to even give us a quote and it is a 35% surcharge over the homeowners. Another 20-25% surchage if the premises will be vacant during construction. In addition we have to install a temporary central station alarm system during the renovation, which will then be replaced by a permanent system.
We used the Coughlin Group as our broker, but got a quote from another broker (Chernick?) that was recommended in an earlier thread (search for renovation insurance)
Call HUB International about Fireman’s Fund. We took out a homeowners’ policy that added builders’ risk for the duration without getting as pricey as a pure builders’ risk policy. Ask for Dorothy Cohen. For a woodframe underghoing huge renovations, we paid $6k premium annually for homeowners’, general liability, plus builder’s risk, teh whole shebang, and they reset the rate as soon as we were done.