Insurance During Construction

[Derrick1]

What is the name of your state? NJ i am in process of demolishing my current home and re-building new home at same location, currently i do have full home owner's insurance with liability, property damage etc. would like to know do i need to get additional insurance or make any changes or notify insurance company about building process, if no changes are made and home insu. com. is not notified would it cover during any law suits ? do i need to post any warning signs at my location ? my builder told me that his insurance covers my property for any claims. do i have any responsibility to get insurance during the construction period ?

 

[AGENT35]

What is the name of your state? NJ i am in process of demolishing my current home and re-building new home at same location, currently i do have full home owner's insurance with liability, property damage etc. would like to know do i need to get additional insurance or make any changes or notify insurance company about building process, if no changes are made and home insu. com. is not notified would it cover during any law suits ? do i need to post any warning signs at my location ? my builder told me that his insurance covers my property for any claims. do i have any responsibility to get insurance during the construction period ?

YES.. it's called builder's risk. If you are not living at the home that you are demolishing and replacing, then you would need a Builder's Risk fire policy and a renter's policy to extend liability to your construction site.

If you are living in the home and demolishing one room at a time and rebuilding each room as you go, then no, your standard ho policy should be fine.