Builder's Risk Insurance vs. Homeowner Insurance w/construction endorsement

We’re are about to close on an old (over 100 years) townhouse in Clinton Hill that requires a gut renovation. We getting a construction loan from our lender and the lender requires that either our contractor obtain Builder’s Risk insurance or we get Homeowner Insurance with construction endorsement. We’re curious about experiences with either? Is there a reason to go with one over the other? Also, we’d welcome recommendations for brokers or insurance companies that will insure an old home under renovation. We’ve heard good things about Amica, State Farm and Chubb but we’d love to get recommendations from anyone who has renovated and bonus points if you actually had to file a claim. Thanks!

slavan1320

in General Discussion 9 years ago

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randymcnally | 8 years and 11 months ago

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Thanks All. I’m going to speak to my insurer and go from there.

slopefarm | 9 years ago

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jcharch has it exactly right.

Insurance requirements for your contractor, subs, etc. should be specified in your contract.

jcarch | 9 years ago

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Despite its name, a builders risk insurance policy is something that the owner takes out. Obtaining a construction endorsement on your HOI likely achieves the same effect of covering you during construction. Check with your insurance agent, but I don’t believe there would be a reason to have both BR and the HOI endorsement.
The contractor and their subs should all have liability insurance, auto insurance, and workers comp insurance in place. You should require a certificate of insurance, naming you personally, and if applicable any other entities (LLC, etc.) as “additional insured.” That certificate is the actual proof that the contractor is insured…once in a while you’ll have a contractor tell you he’s insured, but he’s not. You won’t know for sure until you get the certificate, so don’t skip that step.

jcarch
————–
www.jcarchitecture.com

randymcnally | 9 years ago

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Hi All – We too are undergoing an extensive reno, but not a gut. Adding an addition so structural changes will be happening. Building is pre civil war so that alone makes me nervous. We currently live in the home and plan to live there for much of the reno. Reno is being financed by a refi. We looked into builder’s insurance, but didnt seem to make sense as it appears to aply to an empty house, but I might be mistaken. I asked Liberty Mutual and they didn’t think we needed anything additional or have any products to beef up our current homeowner’s. Obviously we will make sure our contractor’s insurance is in place. I still have a nagging feeling we should have more insurance in the event of a major issue. Should we consider builder’s or is it overkill? Thanks!

slopefarm | 9 years ago

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Yes, I agree with nyc sport, if it wasn’t clear from my earlier comment, the construction endorsement is part of a homeowner’s policy. This is your insurance. Separately, your contractor, subs etc., of course all need to be insured and you want to be named as an additional insured under your contractor’s policy and indemnified for any damage contractor causes. But don;t leave your home under-insured during a risky time.

nyc_sport | 9 years ago

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Although I was long a true believer in Chubb for high value homes, after having basically built a new weekend house and renovated our apartment, I found them inflexible and exorbitantly expensive for builder’s risk or construction coverage (their homeowner insurance also became intolerably expensive for our situation, but that is a different story). The first time around, we dialed the pre-existing Chubb policy down to next to nothing and got a builder’s risk policy from Zurich (which, oddly enough, apparently does not sell regular homeowners insurance) . That was remarkably simple and pain free, including extending the term when construction was delayed, which many insurers I was told push back on. The second time around, we got a construction rider from Chartis (formerly and now again AIG), which at that time had all of our insurance.

To be clear, your post references your contractor obtaining this coverage. That is incorrect. You need this coverage, which protects you, and your contractor can’t buy if for you.

lgwlcvqt | 9 years ago

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ACE is owned by Chubb now

slopefarm | 9 years ago

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Not anymore. The person I dealt with retired. Now I just pay my premiums and hope I never need to file a claim.

slavan1320 | 9 years ago

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slopefarm do you have a contact at HUB?

slavan1320 | 9 years ago

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Thanks for the recommendations. TD Bank is offering us the construction loan.

chrisriddle | 9 years ago

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Hi chth: who is your lender? Thanks!

slopefarm | 9 years ago

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We went the construction endorsement route. Broker was HUB, issuer was Fireman’s (now owned by ACE, I believe). The policy converts and pro rates to the day you show enough completion to remove the construction risk component. There was still a lot of finish work left when the insurer agreed to convert to regular homeowner’s policy. And you have the benefit of whatever umbrella coverage you want wrapped into your homeowner’s policy from day 1. Carrier will insist on all contractors being insured and naming you as additional, and will want you to resist a few standard AIA contract terms dealing with subrogation.

EJR | 9 years ago

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    ["user_nicename"]=>
    string(3) "ejr"
    ["user_email"]=>
    string(19) "ejrothman@gmail.com"
    ["user_url"]=>
    string(46) "http://bstoner.wpengine.com/forums/users/ejr2/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:30:58"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(3) "EJR"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(79362)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
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  }
  ["filter"]=>
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  ["site_id":"WP_User":private]=>
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}

I have always heard that Chubb is “the best” and will be most helpful in sorting through a claim. They also seem to cost the most. Personally I thought it was worth it and insured my 1905 rowhouse with Chubb. Rather than talking directly to the insurance companies, consider using an insurance broker, who would be best positioned to walk you through these issues. FWIW, here is my insurance broker:

Jeff Schneider
Gotham Brokerage Co., Inc.
75 Maiden Lane #804
New York, NY 10038
jeffs@gothambrokerage.com

PH: 212.406.7300
FX: 212.571.0690