Construction Insurance?

Thanks everyone for your fantastic advice. We decided to go with above-board insurance. I just can’t imagine paying so much for something and not being properly insured.

blauprint9

in Insurance 11 years and 3 months ago

10

Please log in, in order to post replies!

10 replies

Newest Oldest

blauprint9 | 11 years and 3 months ago

string(1) "1"
object(WP_User)#5117 (8) {
  ["data"]=>
  object(stdClass)#4937 (12) {
    ["ID"]=>
    string(6) "180555"
    ["user_login"]=>
    string(10) "blauprint9"
    ["user_pass"]=>
    string(34) "$P$B4j/x8qeR05j5RiqYJ1owVcNPk0goc/"
    ["user_nicename"]=>
    string(10) "blauprint9"
    ["user_email"]=>
    string(17) "rebalex@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:06:31"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(10) "blauprint9"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(180555)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Hi all, My husband and I just closed on limestone and we’re in the process of restoring it. It should take about 6 months. We need insurance. We’re estimating two more months of vacancy, (hopefully) 4 months of construction, and then we move in. Should we bother with construction insurance? Our architect says “no one” does. We have an insanely expensive quote from Chubb on the table, and according to this forum, they’re the only company that actually pays out if anything happens. At the same time, we spent A MILLION DOLLARS on a house and want to make sure it’s safe. Is forgoing construction insurance penny-wise and pound-foolish? Has anyone had “normal” insurance, had a problem with construction, and everything worked out just fine?

Augustiner | 11 years and 3 months ago

string(1) "1"
object(WP_User)#5115 (8) {
  ["data"]=>
  object(stdClass)#5114 (12) {
    ["ID"]=>
    string(5) "45573"
    ["user_login"]=>
    string(10) "Augustiner"
    ["user_pass"]=>
    string(34) "$P$B34SD8yEA6Hi8EPJJfH83mCf4GZmmP0"
    ["user_nicename"]=>
    string(10) "augustiner"
    ["user_email"]=>
    string(18) "flo@flat-peach.com"
    ["user_url"]=>
    string(32) "http:///forums/users/augustiner/"
    ["user_registered"]=>
    string(19) "2017-08-10 13:35:10"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(6) "August"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(45573)
  ["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"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

It´s not only about your house but also damages to others. Not sure what´s legally required, but I was recommended the following: ‘Owners and Contractors liability supplemental insurance’ and commercial fire insurance. I paid around 5.000/ year

allyslope | 11 years and 3 months ago

string(1) "1"
object(WP_User)#4937 (8) {
  ["data"]=>
  object(stdClass)#4944 (12) {
    ["ID"]=>
    string(6) "180670"
    ["user_login"]=>
    string(9) "allyslope"
    ["user_pass"]=>
    string(34) "$P$B826vifReq8tbVdDzB.8aGWmeRrf0y."
    ["user_nicename"]=>
    string(9) "allyslope"
    ["user_email"]=>
    string(22) "ms.alison.le@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2013-10-18 00:25:09"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "allyslope"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(180670)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I agree with August. You should buy construction insurance. If something happens and your home insurance company finds out you had construction going on they may cancel you insurance or worst not pay for demages

BobMarvin | 11 years and 3 months ago

string(1) "1"
object(WP_User)#5117 (8) {
  ["data"]=>
  object(stdClass)#5116 (12) {
    ["ID"]=>
    string(3) "802"
    ["user_login"]=>
    string(9) "BobMarvin"
    ["user_pass"]=>
    string(63) "$wp$2y$10$vXcETAGfbklfbxLqBuZOwe9SvZukjLn11bfJ4K5tk7sYEGuWi6OGW"
    ["user_nicename"]=>
    string(9) "bobmarvin"
    ["user_email"]=>
    string(17) "marvbej@gmail.com"
    ["user_url"]=>
    string(31) "http:///forums/users/bobmarvin/"
    ["user_registered"]=>
    string(19) "2006-09-08 23:16:42"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(10) "Bob Marvin"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(802)
  ["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"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Can you even get “normal” insurance when you are not yet living in a house that’s being restored? I couldn’t and needed a different type of policy between closing and moving in, a few months later. Of course that was long ago, so perhaps things have changed.

hawaiismurf | 11 years and 3 months ago

string(1) "1"
object(WP_User)#5118 (8) {
  ["data"]=>
  object(stdClass)#5119 (12) {
    ["ID"]=>
    string(6) "176865"
    ["user_login"]=>
    string(11) "hawaiismurf"
    ["user_pass"]=>
    string(34) "$P$BKkJvdT0kX9LY2u.Q814oU.1Wl9O45."
    ["user_nicename"]=>
    string(11) "hawaiismurf"
    ["user_email"]=>
    string(23) "krtownhouseny@gmail.com"
    ["user_url"]=>
    string(26) "/forums/users/hawaiismurf/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:25:51"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(11) "hawaiismurf"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176865)
  ["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"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

you should get the Chubb insurance. its one of the few products that lets you use a normal homeowners policy for the construction period (for an additional cost). When construction is done, the surcharge goes away and you have your normal homeoeners policy. Augusts price is in line with mine.

concord | 11 years and 3 months ago

string(1) "1"
object(WP_User)#5115 (8) {
  ["data"]=>
  object(stdClass)#5120 (12) {
    ["ID"]=>
    string(6) "181198"
    ["user_login"]=>
    string(7) "concord"
    ["user_pass"]=>
    string(34) "$P$BOSwLdnNpNMBYv4KKQcWshEpnDszZX/"
    ["user_nicename"]=>
    string(7) "concord"
    ["user_email"]=>
    string(20) "Jsalazar6@nyc.rr.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:07:40"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(7) "concord"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(181198)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

We rebuilt our place after a fire that destroyed the house, 3 stories, etc. we obtained construction insurance thru ‘murphy and jordan’ (part of brownstoner). By the way, we received every penny from brownstoner (i forget who the insurance company was). And after paying the full amount (did not cover the whole reconstruction but that is what limits mean) there was no issue on renewal. Definitely get construction insurance.

fawn | 11 years and 3 months ago

string(1) "1"
object(WP_User)#5117 (8) {
  ["data"]=>
  object(stdClass)#5121 (12) {
    ["ID"]=>
    string(4) "7922"
    ["user_login"]=>
    string(4) "fawn"
    ["user_pass"]=>
    string(34) "$P$Bqid4ibRiAwznfcWqlw5JDAXDKG5Tl1"
    ["user_nicename"]=>
    string(4) "fawn"
    ["user_email"]=>
    string(21) "aliciastarkey@mac.com"
    ["user_url"]=>
    string(19) "/forums/users/fawn/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:14:37"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(4) "fawn"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(7922)
  ["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"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Yes, I would get construction insurance. Absolutely. On a side note, if you get a regular policy and its discovered the building is vacant, your policy will be cancelled. Also, our GC required us to hold a builder’s risk policy. We also used Brownstone insurance. Phil Skibinski was a big help. I got his name off of the forum. BROWNSTONE AGENCY, INC. pskibinski@brownstoneagency.com Phone: (212) 699-8967

fawn | 11 years and 3 months ago

string(1) "1"
object(WP_User)#5118 (8) {
  ["data"]=>
  object(stdClass)#5122 (12) {
    ["ID"]=>
    string(4) "7922"
    ["user_login"]=>
    string(4) "fawn"
    ["user_pass"]=>
    string(34) "$P$Bqid4ibRiAwznfcWqlw5JDAXDKG5Tl1"
    ["user_nicename"]=>
    string(4) "fawn"
    ["user_email"]=>
    string(21) "aliciastarkey@mac.com"
    ["user_url"]=>
    string(19) "/forums/users/fawn/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:14:37"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(4) "fawn"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(7922)
  ["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"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Also, we were able to cancel the builder’s risk/ vacant building policy as soon as work was done and start a normal homeowners policy. Phil helped with this too. There are so many variables that can go wrong– theft, injury, fire. A normal homeowners policy is going to do nothing to protect you if its discovered you lied on the application/inspection.

slopefarm | 11 years and 3 months ago

string(1) "1"
object(WP_User)#5115 (8) {
  ["data"]=>
  object(stdClass)#5123 (12) {
    ["ID"]=>
    string(3) "655"
    ["user_login"]=>
    string(9) "slopefarm"
    ["user_pass"]=>
    string(34) "$P$BK7dzbqXJe9TV6iU0glcNZiXdOt9CR1"
    ["user_nicename"]=>
    string(9) "slopefarm"
    ["user_email"]=>
    string(18) "jrubin@law.nyc.gov"
    ["user_url"]=>
    string(24) "/forums/users/slopefarm/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:11:42"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "slopefarm"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(655)
  ["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"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I agree with Hawaii (how could I not in this weather) and fawn. We did this through Fireman’s Fund — it was a homeowner’s blanket policy with construction coverage — the premium was about $6k/year in 2006 (homeowner’s was at about $3300 — this is an oversize frame). But as noted above, the premium is pr rates and as soon as the work is done they reissue the policy without the construction premium. And “done” can mean you are still waiting for doorknobs and light finish work. We used HUB international as our broker — they rep both Fireman’s and Chubb.

nyc_sport | 11 years and 3 months ago

string(1) "1"
object(WP_User)#5122 (8) {
  ["data"]=>
  object(stdClass)#5117 (12) {
    ["ID"]=>
    string(5) "39535"
    ["user_login"]=>
    string(9) "nyc_sport"
    ["user_pass"]=>
    string(34) "$P$BFv.HDXnnlYzjvInY5Q64aXS/5iuhf1"
    ["user_nicename"]=>
    string(9) "nyc_sport"
    ["user_email"]=>
    string(16) "btfraw@yahoo.com"
    ["user_url"]=>
    string(24) "/forums/users/nyc_sport/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:16:50"
    ["user_activation_key"]=>
    string(45) "1716947865:$P$BBdyqKX22eBh6JksYu8L5KasH0jSlb."
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "nyc_sport"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(39535)
  ["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"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

The Chubb construction policy is, as someone indicated above, a rider on the homeowner policy and it is stupidly expensive. We got a builders risk policy from Zurich on a weekend house rebuild and from Travelers for our NYC apartment renovation. Much more rationally priced (actually, I think it was cheaper than our existing Chubb homeowner’s policy). Definitely get it (actually, my NYC contractor wanted a copy of it).