Builder's risk policy

Hi we are buying a brownstone that would require a complete renovation (not gut)and were told that we need to get builder’s risk policy insurance (as opposed to a regular home owner’s insurance).
We got a quote of over $10K (!) from Lexington which is so much higher that we had anticipated. Can anyone recommend an insurance company we can work with? The renovations will take approx 4 months.

Thank you!

jose-d

in General Discussion 8 years and 11 months ago

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rastermon | 8 years and 11 months ago

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I worked with a broker (Eli Cohen, 718-336-1700) and got a pretty reasonable builder’s risk policy.

jose-d | 8 years and 11 months ago

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Thank you slopefarm 🙂

slopefarm | 8 years and 11 months ago

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There was just a thread on this recently. We, and lots of others on this site, were able to get a homeowner’s policy (you need that to close with the bank in any event) and get a construction rider that added to the premium. You will get a somewhat outrageous qutoe for it, but that is based on annual. If you finish (or, in fact, get close enough to finished for the insurer’s risk comfort) within four months, the policy converts back to a pure homeowner’s policy and you will only end up paying the construction risk premium on a pro rated basis for the construction period.