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Old 06-18-2007, 05:55 AM   #1
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How do I get insurance?

Little backround:

I live at home still, but own a vacant lot which I have been in the process of logging and preparing to build upon. The lot has no structures.

I own some construction equipment which I use at the lot, and it's stored at the lot. These machines are covered by an Inland Marine policy. One in which my equipment cannot leave my land. Which is no problem, because they don't. So the machines are covered for fire, theft & vandalism.

To get liability insurance for the lot, I had to get a renters insurance policy. This covers everything I own at my parents house, but more importantly this gives me liability insurance at the lot.

Now my insurance agent told me this liability only remains in effect up to the point in which I build a structure on the lot. Once I do that, the liability is gone.

I plan to build a barn at the lot, with an apartment in the attic of the barn. Then eventually some years later build a house.

I do not own, or have never owned a home. I have never had a home owners policy.

My insurance agent told me I cannot get a policy until I have a residence. So while I'm building this barn/appartment, I cannot get an insurance policy (which I need for liability at the lot, fire, theft and vandalism for the barn and its contents). I was told, normally when a contractor is building a house, his contractors insurance covers all liability, theft of construction materials and fire...

I will have nothing while I build this barn. And since I'm building it myself, from the time I start building, to the time I can get a permit of occupancy, could be 8 months to 1 year. I simply cannot go that long with no insurance...

Has anyone run into this situation?

I don't plan to hire a general contractor, how do I get insurance while I build?
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Old 06-18-2007, 06:20 AM   #2
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Who do you have for insurance (Company wise) ?

If I am not mistakeing you can get insrance through an insurance company that deals with this type of construction see a Indepentant agent one that has about 15 differant Companies, he more and likey has a company that deals with this type of construction. You are not the only one that builds his own home.

Let us know what you find out.
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Old 06-19-2007, 03:16 PM   #3
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you need a builders risk policy. Covers people working on the structure or on the lot, and a good one will cover lost of materials due to theft etc. This is what owner/builders get when we build ourselves and/or act as a GC.
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