Depends on the policy, it isn't uncommon to have an expiration on these.

 

I just need to get a policy that doesn’t expire then?

 

Yup, been there. Had to have my agent out to inspect the project and vouch for my progress.
Wasn’t a guaranty they would continue coverage but managed to get one additional year.
Insurance companies do not like to cover half finished projects, limited value there in case you stop.
Bud

 

Yup, been there. Had to have my agent out to inspect the project and vouch for my progress.
Wasn’t a guaranty they would continue coverage but managed to get one additional year.
Insurance companies do not like to cover half finished projects, limited value there in case you stop.
Bud

I don’t know why they care as long as I’m paying

 

That is why you need to talk to your agent. Insurance companies base their decisions on statistics and the longer construction continues the higher their risk.
Bud

 

Idk why they couldn’t just move me to regular insurance at this point, all the construction part is done

 

DBUIDS.... Your questions make sense,,, but so do the above answers.

Your insurance company can not know you are responsible (your agent may know that, but he does not establish your rates or insurability.)

Insurance companies realize that "under construction" properties may need insurance and it is profitable to insure.

But they have "standards" and begin to worry (assess greater risk) when time frames are extended beyond standard time frames.

(I had a almost next door property that I bought and improved, (also called flipping) that I paid 100% more insurance than my own next door property because it was vacant. They could not consider the specifics... just their standards.)

 

I don’t care if I have to pay more as long as I can still get insurance from someone, they make it seem like it’s impossible to have construction insurance for more than 2 years from anyone

can’t imagine something happening to the house with how much work I’ve put into it

 

You are missing the points. You home is NOT DONE. Reason for construction insurance. The policy writer has no clue if there is you or a herd of illegals working on the property.
Until you get the AHJ to sign that your DONE. Expect this problem to surface at least once a year when the policies lapse.

 

Do you have a contractors license, bond and insurance?
Or is this home owner trying to finish his home, slowly. HO will be looked down on as a builder might not. Just the way it is in construction

 

I said I hired someone to do 60% of the house then I took over to finish it

this was around Covid time and it took the builder awhile to get parts (it took 7 months to get the windows) during that time so 1 year for him to do his part, then I started doing the rest which I’ve been working on for 1 year and 3 months

so between the builder and what I’ve done so far it’s been 2 years and 3 months total and I still have a good bit left to do

basically hired the builder to do things I didn’t know how to do like framing, roofing, electrical, plumbing etc

 

This is quite common.

Down here it's called Builder's risk insurance. Yes it does expire and they do not want to take on a higher risk.

The main issues are the longer the property is unfinished, the longer it stays vacant and unoccupied. They consider a vacant home a higher risk for break ins, vandalism, squatters etc...even a "second home" insurance cost more then a "primary residence" insurance. There are companies who requires proof of residence (utility bills, address on drivers license, tax returns, homestead exemption, lease agreements) or else they won't even insure it. Some snowbirds have trouble getting a home insured in Florida because they only occupy it 3 months in a year.

If the water line burst, if you live there you will notice if when it happens or when you get home. If it's not occupied you may not know until a month later when damages are much worse. Thus higher risk.

The longer is sits in "construction" status, the more people notice it, kids from the neighborhood know it and start to gather in the backyard on weekends, smoking weeds, they paint graffiti on the windows, then break ins, then squatters move in and claim to have a lease which they cannot produce but police can't evict. Not to mention these insurance companies believe that the longer you do not finish and occupy, the higher the likelihood it will never be finished, like you ran out of money, or the project went sideways, so it sits half done for years which they do not want to insure anymore.

 

Maybe they can just insure me for weather and fire, I don’t need theft and vandalism insurance if that’s where they think the increased risk is

 

That is why I said talk to your insurance agent, s/he is your broker between you and the insurance company.
Note, if you have a loan on this project they will not be happy if your insurance is canceled.
Bud

 

No loan, I won’t be happy if it’s canceled with or without a loan. Most of my life savings is in this house

 

It's common for insurance policies to have a time limit, even if you keep paying. However, not renewing your policy before you finish could be risky. Consider contacting your insurance provider to discuss your situation and options.

 

You don't report your progress here. What stage of construction?
If plumbing and electric complete, in some locales, you can call for a CO inspection; moving the insurability to a standard policy.
Verify your local codes and insurance requirements.

 

You don't report your progress here. What stage of construction?
If plumbing and electric complete, in some locales, you can call for a CO inspection; moving the insurability to a standard policy.
Verify your local codes and insurance requirements.

Electric is done, can’t really have my water connected until the kitchen and flooring and showers are done

 

If you are only working on it on weekends, that means that the house stands empty for 71% of the time for several years.
High chance of of thieves or vandals noticing it's empty and breaking in.
Insurance companies are not very interested in ensuring empty houses.
If you check your policy on your current house, you are probably supposed to have somebody going in and checking your house every day if you are gone for more than a few weeks.

If you have a good security system at the project, or are a long-time customer with the company that may help, so long as decision is made by a person and not a computer.

 

Yea but I’m staying with family only 1 mile from the house, I’m not worried about thieves the house is empty, that’s why I said earlier I don’t care if I have theft insurance

 

Dbuilds … you’re beating a dead horse. Call your agent and discuss with him. Continually whining here does no good.

 

Related. I know builders around here (and probably basically everywhere else), home owners/builders get 1 year construction loans. If there's a delay of a substantial length, it quickly turns into a hair-on-fire emergency to speed the project up to finish within that year. It seems like the project finishes within the loan term or it doesn't finish. Tens of thousands will be spent to stay within the time limit. No clue what happens if they don't make it, but I'm sure it's catastrophic.

 

Well I don’t have a loan so I’m not worried about that

 

You have only one option, call your agent to discuss it.

May be they can give you a renewal for 1 year for a higher premium.

May be they can exclude certain things in your policy or increase the deductible. For example exclude any water damages.

May be your agent can shop a different policy with another carrier. All my builders risks insurances are with Lloyds of London. Who's your carrier?

Sometimes they may be able to renew for a lesser term. For example you tell them hey I am almost there, I just need 4 months, they may be able to renew for six months instead.

 

Yes I’m still waiting for him to call back, hopefully any of those options you listed work
I def need more than 4 months I need 12 - 16 months, the only time I can get real work done is on the weekends, 4 months would only give me 16 weekends to finish up a whole house by myself

 

Maybe it’s time to hire someone to finish the job.

And I’m not expecting an answer, you will come back with some BS illogical reason why you can’t do that. I don’t want tonhear any more of your whining.

 

Because I can finish it for 10,000 and hiring people to finish it would be 50,000+

 

Get the water on and move in.

 

That’s my plan now but I need to paint the walls and put down the floor where the cabinets and toilets are going first

 

Got vacation or sick days?

 

Yea 2 weeks