builders insurance
#1
01-22-05, 11:03 PM
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builders insurance
How much should I expect to pay for the builders risk ,workers comp etc. other insurance to build a new house ? A thousand ,two or 3 thousand more?
#2
01-24-05, 04:17 PM
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Is a contractor building the house for you, or are you doing it yourself? I assume you are hiring a general contractor to build the house for you.
I don't know the size of your project or where you live, but here in NC I think builders risk insurance is a few hundred. I'm a strong believer in builders risk. For the price I'd definitley do it.
Workmans comp. will be covered by the employer of the employees. I know that sounds a bit silly, but the electrical worker (John Doe) will have his workmans comp. paid by his employer (Acme Electric). You, the soon to be homeowner will probably write a big check to your general contractor who will write a smaller check to the subs. (Acme Electric) who will write the really tiny wormans comp. check.
Just an F.Y.I. keep a tab on your money. A subcontractor or supplier who added value to your house has a very strong legal position (can attach a lien to you new house). If the sub. or supplier is not paid you the home owner are ultimatley liable. Even if you paid the general contractor and he ran off to Vegas with your money YOU are still liable for all the value (labor & materials) added to your property. For example: if a contractor or sub. starts a job, does a crappy job and you fire him, he can still attach a lien to your house for the "value" he added. Lien waivers are very nice little documents to get signed by all your subs when their work is complete and they have been paid.
I don't know the size of your project or where you live, but here in NC I think builders risk insurance is a few hundred. I'm a strong believer in builders risk. For the price I'd definitley do it.
Workmans comp. will be covered by the employer of the employees. I know that sounds a bit silly, but the electrical worker (John Doe) will have his workmans comp. paid by his employer (Acme Electric). You, the soon to be homeowner will probably write a big check to your general contractor who will write a smaller check to the subs. (Acme Electric) who will write the really tiny wormans comp. check.
Just an F.Y.I. keep a tab on your money. A subcontractor or supplier who added value to your house has a very strong legal position (can attach a lien to you new house). If the sub. or supplier is not paid you the home owner are ultimatley liable. Even if you paid the general contractor and he ran off to Vegas with your money YOU are still liable for all the value (labor & materials) added to your property. For example: if a contractor or sub. starts a job, does a crappy job and you fire him, he can still attach a lien to your house for the "value" he added. Lien waivers are very nice little documents to get signed by all your subs when their work is complete and they have been paid.
#3
01-25-05, 11:44 PM
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need insurance
I want to build the house myself well alot of it anyway want to hire just a few subs. How do I get builders risk? I contacted 2 insurance companies they kinda just blew me off being I'm not a home builder that seemed like they didn't want to deal with me.
#4
01-26-05, 03:21 AM
Group Moderator
I had gotten my builders risk policy from Erie Insurance.
One bit of advice I had received before building my house was to "real" hire subs that carry workmans comp. on their employees. Hiring "a guy" to put the roof on could leave you more liable if he is injured while on your property (like falling off the roof). Also hiring real contractors frees you from the tax collecting and reporting burden of having emplyees.
One bit of advice I had received before building my house was to "real" hire subs that carry workmans comp. on their employees. Hiring "a guy" to put the roof on could leave you more liable if he is injured while on your property (like falling off the roof). Also hiring real contractors frees you from the tax collecting and reporting burden of having emplyees.
#5
01-27-05, 04:15 PM
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noroomsforme,
Contact your insurance agent or call an independent broker. This may be your best avenue.
As Pilot Dane said, you as the General and home owner are going to be liable for much if things go wrong. Seek additional advice from a lawyer if necessary to ensure that your assets are protected.
Good Luck!
Contact your insurance agent or call an independent broker. This may be your best avenue.
As Pilot Dane said, you as the General and home owner are going to be liable for much if things go wrong. Seek additional advice from a lawyer if necessary to ensure that your assets are protected.
Good Luck!
