Home based insurance

Different Types of Construction Insurance You Could Consider

Posted by on Jan 4, 2016 in Uncategorized | Comments Off on Different Types of Construction Insurance You Could Consider

If you plan on embarking on a construction project, it would be pertinent to get construction insurance. This type of insurance offers various policies that will cover a myriad of risks, ranging from natural disasters on the site to injuries to your employees, damage to materials and more. In order to get the insurance cover that will satisfy your individual project’s needs, you would have to be familiar with the options that are available to you. Here are some of the different types of construction insurance that you could consider. Construction insurance for builder’s risk This type of insurance is also commonly known as course of construction insurance. This policy will cover your construction project while it is in the building stages. In addition to providing a risk cover to the construction as it is being erected, it may or may not also include any materials that are either on site or that are being transported to the site for use in construction. Construction insurance for all risks As the name suggests, this type of policy will provide a cover for physical damage to all the materials on site and the construction building. This type of insurance cover can be taken out either by the owner of the project or the contractor whose services have been enlisted. The cover will then enumerate the precise risks that are being covered as well as the amount that would be paid in the event of damage. It should be noted, though, that although this insurance cover can be taken out by either the owner or the contractor, both names of the individuals would have to appear jointly in the agreement that has been drawn up. Construction insurance for professional indemnity This type of policy will cover any liabilities that will come about due to professional negligence from the contractors. Some of the risks that can be included in this policy include breaching contractual obligations that have been set out between you and the contractor, incompetence from the contractor’s skill sets, design flaws in the construction and more. This type of construction insurance is usually taken out by the owner of the construction site as well as other professionals working on the project such as engineers, architects, the building contractor and so on. Construction insurance for product liability This type of policy will cover any damages to property or injuries to people in relation to products that are being used on the site. For instance, if there is a faulty lift on the site and one of the construction workers become injured, the supplier of the equipment will have to pay for damages through this type of insurance cover. For more information and to select the best options for your project, contact a local construction insurance...

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5 Questions You Should Ask When Getting a Quote for Landlord Insurance

Posted by on Jun 25, 2015 in Uncategorized | Comments Off on 5 Questions You Should Ask When Getting a Quote for Landlord Insurance

Landlord insurance covers a range of expenses that you may incur if you have a rental property. If you are a landlord and wondering if landlord insurance is right for you, you should call an agent. To guide you toward the right policy, here are the questions you should ask. 1. Does this current situation require landlord insurance? In some cases, your homeowner’s insurance may suffice for your needs. For example, if you are only renting your home out for a few weeks, only renting a single room in your home or living in an owner-occupied duplex, your homeowner’s insurance may meet your needs. However, in other cases, you may need an additional landlord policy. Explain your situation to your agent to see if you really even need landlord insurance. 2. What does the policy cover? Like any type of insurance policy, landlord insurance covers a range of items, and in many cases, you can tailor your policy to have the features you need. Ideally, you want coverage for fires and natural disasters, but you may also want coverage for tenant damage and for liability issues. 3. Does the policy cover subletters? If you want true financial protection, you need to ensure you are covered for every type of situation. For example, many policies only cover issues related to the tenants on the lease. They do not cover anything that occurs with a subletter. If you allow your tenants to sublet your rental property, make sure that is covered. Also, talk with the agent to see if the landlord insurance policy covers damage or theft from the tenant’s’ guests. 4. Does the policy cover liability issues related to dogs? In most cases, landlord insurance policies cover a certain amount of liability issues. For instance, if you forget to shovel the ice off the sidewalk and someone slips and falls, your policy may cover expenses you incur as a result of that incident. However, your liability coverage may not cover incidents related to tenant’s dogs. See if it does, and see if the policy has any breed restrictions. If your landlord insurance policy doesn’t cover liability issues with your tenants dogs, require your tenants to have renters insurance. Typically, renters insurance covers renter’s contents as well as some liability issues. 5. Does the policy offer actual or replacement value? Ideally, you want a policy that offers replacement rather than actual value. For example, if a hail storm ruins the roof of your rental and you have an actual value policy, your policy will only pay what the roof is currently worth. Therefore, if you have a fifteen-year-old roof, the policy likely won’t cover anything. However, if you have a replacement value policy, you can get the funds you need to replace your roof. Learn more about your options by contacting insurance providers in your...

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