While many home owners in Florida are now picking up the pieces and planning their repairs following Hurricane Irma, what if you are in the process of building a new custom home that was damaged?
The answer to this is, it can actually depend on the type of insurance coverage you have.
During the construction phase of building a brand new home, it is highly recommended that people purchase a home owner’s insurance policy. Otherwise, you could be exposing yourself to a great deal of risk in the event of a disaster like Hurricane Irma, as well as other types of incidents such as theft or fire.
While most regular home owner’s insurance policies in hurricane-prone areas like Florida will exclude certain type of damages, the policy that you have could still provide at least some amount of financial relief.
For example, with a standard home owner’s policy, you could be covered for any damage to the structure as it is being built. However, if you have any of your personal belongings in the not-yet-completed home, these items may not be covered.
If, however, you have only a dwelling and fire insurance policy, you could have even more limited coverage as it pertains to the damage that is sustained by hurricanes. In any case, a call to your agent or insurance company is a must.
And, once your new custom home has been fully completed, it is always recommended that you review your policy in order to ensure that it will provide an ample amount of coverage for the dwelling, as well as for personal property inside of the home, and for liability coverage.
Have questions about how to go about constructing the new home that you’ve been dreaming about? Give Rare Builders a call today.