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Texas Independent Insurance

Builder's Risk/Renovation

When a property is undergoing new construction or renovations, there are several important factors and coverage options to consider.  Before construction or renovations begin, it’s important to have the proper policies in place. Most builders risk/renovation policies provide actual cash value coverage on the existing structures and replacement cost coverage on the new construction or renovations.

As a real estate investor, it’s vital to purchase liability coverage that protects you from all liability exposures at the property undergoing construction or renovation.  The best way to protect yourself from liability exposures is to have your General Contractor list you on as an Additional Insured onto their commercial general liability policy.  This will protect you in the event you are sued due to your Contractor’s negligence.  Of course, you will also want to make sure your policy provides premises liability coverage.  Finally, you could also purchase an Owners Contractors Protective liability policy which provides premises liability coverage and protects you from both your Contractor’s negligence and your failure to properly supervise the General Contractor or project.