Your insurance provider requires notification before you start building your new home. Most providers require all information on your home, and will base their premium on the “completed” project. Insurance companies understand that you may change your mind on certain items during the process of building; it’s recommended you keep your broker up-to-date throughout the process to notify them of any changes.

Most policies are based on an annual premium. As long as there haven’t been drastic changes from the original plan, your premium should stay the same for the year. Once you’ve completed your home and obtained an occupancy permit, and are ready to move in, the builder’s risk policy will turn into your homeowner’s policy (which provides more comprehensive coverage).

Are you the general contractor? In this scenario, you’ll be exposed to additional liability and should ensure you’re properly protected. Your broker will provide Owners & Contractors Protective Liabilitysince you’re ultimately responsible for the sub-contractors you hire. It’s strongly recommended (and sometimes required) you obtain certificates of insurance, or proof of insurance from sub-contractors to make sure they’re covered themselves.

What if you’ve started your home and haven’t consulted with your broker? Contact him or her immediately! The deeper into the project you are, the more difficult and costly it’ll be to find insurance.

A lot of planning, time and money is spent turning your dreams into your dream home. It’s important in the planning stage you consult with your broker to find out your options and pricing – the time you invest prior to building could save time and money down the road.