Posted by chet on December 31, 2004 at 10:47:13:
it was a std. homeowner’s policy w/ general liability from Kemper Insurance.
insurance - Posted by Tracy
Posted by Tracy on December 30, 2004 at 13:21:15:
I’m attempting to purchase my first rehab but I’m having a hard time with the proper insurance to carry for the life of the rehab (4-6 months). I’ve talked to insurers about Builder’s Risks insurance but having a hard time finding general liability coverage. My homeowners says I have to purchase the builder’s risk and contractor’s insurance together and for one year term. Do I need to carry liability insurance for my rehab?
Re: insurance - Posted by Natalie Smith
Posted by Natalie Smith on December 31, 2004 at 12:30:53:
We carry Builder’s Risk through Zurich. They send us a monthly reporting form so we can list each house on it.
We also carry Contractor’s General Liability through State Farm which is an annual policy.
I have been told that we need both since the Builder’s Risk will not cover us if someone gets hurt on the property. We also require our sub contractors to carry their own general liability policies.
I have heard that standard homeowner’s insurance is not appropriate for rehabs since they are generally vacant.
I hope this helps.
Re: insurance - Posted by chet
Posted by chet on December 30, 2004 at 14:26:44:
I have bought 1-yr policies and then cancelled then when I sold. I was returned the prorata premium.
Re: insurance - Posted by Tracy
Posted by Tracy on December 31, 2004 at 08:48:29:
Where these policies for builder’s risk or general liability? All of the general liability policies I’ve found are for 1 year but not prorata. Can you tell me who you purchased the insurance from.