1575 Pearl Rd Brunswick | 330.225.5605

Building your new home from the ground up can be a great way to design your own property and get the home of your dreams. When you are looking to build your own home, several important factors need to be taken into consideration. One important thing to consider is the type of insurance that you need. Homeowners insurance will help to protect a new construction property many different ways, even though it is not technically a home yet.

Provide Coverage for Damage

When you have a home insurance policy in place, you will first receive coverage for property damage. When you have a home that is new construction, it will be more susceptible to the damage that can come from storms, fire, and other hazards. When you have a home insurance policy in place, you will receive coverage that will protect you against losses from these issues.

Theft and Vandalism

While a new construction home will be more likely to be damaged by a storm, it is also more likely to be at risk of theft and vandalism. A new residential construction property will be a possible target for thieves and vandals because it will empty for periods of time. Thieves will likely target stealing appliances, piping, equipment, and other items that are left in the home. Your homeowner’s insurance policy will provide coverage for all of these items.

Liability Coverage

If you own a property that is going through the ground up construction phase, you will be taking on liability every time someone enters the home. This includes people that are working on the house. While contractors should have liability insurance too, there is a chance that you could be found responsible for someone’s injuries. When you have a quality homeowners insurance policy in place, you will receive coverage against these situations.

Poor Quality Work

While a homeowners insurance policy will provide you with some coverage that is standard in all home insurance policies, there are other types of coverage that you can receive as well. Some types of home insurance policies that you should also consider getting will include additional coverage in the event mistakes are made during construction that will lead to other costs. Unfortunately, some of the carpenters and staff of these home construction companies are not familiar with the specific needs of ground up residential home construction. If this is the case, you’ll want to make sure that all payment and lien expectations are clear before the project begins, so that there’s no misunderstanding about what outcomes you want. Make sure you have a good team working on your home to minimize the need for this coverage. While normal cost overruns are not covered, you can receive coverage if the contractor is negligent and makes a mistake. Similar to buying any home, a new construction home is a precious asset. It is vital that you consider all of your insurance needs when looking for a new policy. The amount of coverage can vary by policy, so speak with your insurer today and have them help you work out the specific details you want covered.