It’s coverage that applies to a home that is either under major renovation or brand-new construction. It insures the home from physical damage through the course of construction.
Why is it important?
Your standard homeowner’s insurance policies don’t cover damage sustained while a home is under major renovation or new construction. A home is one of the biggest investments you can make. It’s important to make sure you have the right policy in place in the event your home is damaged during the course of construction.
Additional Coverages that may be included:
Premises liability which adds liability protection to the lot where construction is ongoing
Building materials which extend coverage to materials being used in a renovation or new construction project that have not been installed yet.