If you are renovating or under construction at your home, it is important to have Builders' Risk coverage to protect against damage to the building(s) during the process. Builders' Risk insurance is usually bought by the owner of the building or the land. Occasionally, the general contractor will buy it instead if it is stated as requirement the contract - then the costs may be passed on to the client.
[READ MORE] to learn about why it is important that you or your contractor has a builders' risk policy when remodeling or building your home from our partners at Chubb.
For more information about Builders' Risk coverage, contact Rand Insurance at (203) 637-1006 and one of our team members will be happy to talk with you about your needs.
One of the biggest questions consumers have regarding homeowner's insurance revolves around the amount of insurance to have on their home. Many assume the amount of dwelling coverage will be equal to the amount they paid for their house. That is not always the case.
There are different methods to determine the value of a house. Market value is the price paid for your house. Replacement cost is the price or cost it will take to rebuild your house in the same spot, same size and same quality of construction, at today's costs.
Insurance carriers insure homes for full replacement value, not the current market value.