Builder's Risk Insurance Policy

[VinnieL]

What is the name of your state? NJ I am home owner building new home in NJ, have my own builder’s risk insurance policy, foundation wall collapsed and complain by attorney has been filed in court against builder and architect. But I also need to file claim on my insurance policy but agent initially told me my policy does not cover errors and omission, on the declaration page he faxed me does states “MPL 13 – Dwell under construction.” It’s too late to add any more coverage’s but are they are specific coverage’s if the policy is for “Dwell under Construction”? Would this cover my attorney’s fees? Rent for temporary relocation Thank a lot in advance.

 

[byrd42]

I am a little confused. Usually a Builders' Risk Policy is for the Builder, not the person for whom the house is being built. Exactly what type of insurance do you currently have? Ie; Homeowners, Mobile Home?

 

[byrd42]

Without knowing exactly what type of coverage you have on your policy, this is hard to answer? I am assuming you have what we refer to as either a "Fire" or "Dwelling Fire" policy for a dwelling under construction. The Builder has their own policy. Did you not have a contract with the builder that would state what they cover in the event of a loss or theft of building materials, etc. Y

You really need to pull that contract, which should state what they are liable for in the event they cannot not meet the deadline for your moving in date, your out of pocket expenses associated as a result and read your policy.

 

[tammy8]

Would this cover my attorney’s fees? Rent for temporary relocation Thank a lot in advance.

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If the lose was due to a covered peril, your builder's risk would pay to build back to the completed level. I doubt that collapse is covered under this policy. I don't see where an attorney would be covered either.

And what do you need rental lose for? You are not living there yet are you ?

 

[VinnieL]

State: NJ. I am home owner and got the builder’s insurance policy just in case I have some issues during new construction of my residence. The foundation wall collapsed and as per structural engineer there are issues with improper workmanship by builders mason guy and also some issues with architects plan, architect plan does show proper step to build foundation wall.

 

[tammy8]

State: NJ. I am home owner and got the builder’s insurance policy just in case I have some issues during new construction of my residence. The foundation wall collapsed and as per structural engineer there are issues with improper workmanship by builders mason guy and also some issues with architects plan, architect plan does show proper step to build foundation wall.

Not a covered peril under a homeowner's policy unless you had earthquake coverage.

 

[moburkes]

Not a covered peril under a homeowner's policy unless you had earthquake coverage.

Correct. This wouldn't be covered by a homeowner's policy or a builder's risk policy. I can't even imagine how you qualified for the BR policy. This is covered under the builder's insurance policy. You sue the builder if he doesn't fix it.

Insurance won't cover a lawyer that YOU hire. Insurance will pay for the insurance company's lawyer to defend YOU in a lawsuit.