The Insider's Guide to Custom Home Builders Insurance In Texas  
 
 

The Insider's Guide to Custom Home Builders Insurance In Texas

Building your custom home can be a challenging yet rewarding experience. All that hard work will result in a home of your own that you planned and designed yourself. You certainly do not want your dreams to be destroyed for lack of the proper Texas custom home builders insurance. Here are some tips to help you get the right coverage for a great deal.

While your project is under construction you will need to have builders risk insurance. This type of insurance covers the unique set of risks and circumstances associated with building a custom Texas home. If you are getting the policy as the owner or builder, you must have the real work completed by licensed contractors. If it is a new construction policy, it covers the materials that are at the work site as well as the structure while it is being constructed.

In order to determine the amount of coverage you need, you must estimate what the value of the completed project will be. Builders risk home insurance in Texas will only cover the value of the completed structure. The best way to come up with this number is to use a construction budget.

These policies cover a wide variety of losses. Here are the categories that most policies will cover: theft, vandalism, fire, wind, hail, lightning, explosions, and aircraft or vehicles. Your policy may cover different things, so be sure to read the entire policy including the fine print. It would be a tragedy if something that you assumed was covered turned out not to be.

Some things are usually excluded from custom home builders insurance in Texas. Earthquakes, employee theft, war, government damage, water damage including flooding are just a few of the standard exclusions. In some places you can buy additional coverage for things like earthquakes and floods so make sure you ask your agent about it. And in most regards this is similar to other types of insurance, such as Texas Auto Insurance for example, in that you can pick and choose the amount of cover and how comprehensive it really is.

There are some things to know about your custom home builders insurance policy in Texas. One thing that is important to understand is that a builders risk policy does not usually cover liability. If someone is injured on your property, this type of insurance will not pay for medical care or compensation. Any contractors should be able to prove that they have their own separate liability insurance as well as auto insurance. Even so, you should get a separate liability policy, just in case.

Another thing to keep in mind is that most builders risk insurance policies in Texas do not cover workers tools. If they are damaged or stolen on the job site, your policy will usually not cover the loss. But again, keep in mind that these contractors should have their own liability insurance policies to offset these types of losses. Either way remember that home owners insurance is important to get.

Every custom home builders insurance policy in Texas is different. Some cover only the basics, while others offer extended coverage for things that you might not think of. It is best to obtain quotes from several different companies before making your decision.




 

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