When Your Home is Under Construction or Renovation

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Are you building or remodeling your home?

Whether you are building new or renovating, obtaining detailed costs upfront can go a long way toward a better experience for both you and your clients.

By working with your insurance underwriter at the beginning of the project—and as it progresses—you can set your expectations about your insurance coverage and potentially reduce your risk for making errors and omissions in the process.

At Rand Insurance, we can guide clients on loss mitigation requirements and offer suggestions like alarm systems and water shut-off devices, to help keep you protected every step of the way.

Below, we’ve outlined the benefits of working with us early on in a building or remodeling project and the kinds of details we’re looking for.

Why getting detailed, accurate costs is so important.

It is important to have detailed proposed budgets at the beginning of projects and final costs at the end—as costs often vary due to changes in scope, unforeseen delays, and change orders.

If you provide us with comprehensive home building or remodeling costs, we can help you reduce the element of surprise by:
• Offering policy options suited to their needs, ensuring that you are adequately protected at each stage of the project
• Helping create a budget for and incorporate risk-mitigation devices
• Identifying and discussing missing elements in the budget
• Providing a better experience in case you have a loss during construction—the rebuild typically goes faster if we have accurate costs upfront.

What types of costs are needed?

We’re looking for a total cost breakdown, including but not limited to expenses such as:

Contracted costs:
• Labor, site supervision, profit, and overhead
• Construction materials
• Inspection fees
• Change fees
• Shipping and transportation

Out-of-contract costs:
• Architect and engineer fees
• Designer and vendor fees
• Home automation
• Lighting
• Custom design finishes
• Specialty items

Talk with us at Rand Insurance about your home projects.  We can help manage your expectations and provide a better experience for everyone involved.

We’re Here to Help

We’re always ready to talk – and more importantly, always ready to listen. Tell us what’s on your mind, and we’ll be in touch.