Builder Risk Insurance Policy: Does It Cover Liabilty And Fire During Rehab?
Having bought a foreclosed townhouse in Maryland, I am looking to cover fire and liability thru insurance while I rehab and sell the townhouse to a new homeowner. Thanks
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Anything structural that effects more then one unit is covered. Anything outside the unit is covered.
Nothing that is personal and inside your unit is covered. Damage to the wall finish and other such things might be covered but very hard to argue.
If the pace were to burn down you are covered but anything lost inside is not.
There are exceptions. Best idea is to read the policy.
Liability even if covered still could bite you. I would also expect that liability that was from something inside the unit will not be covered.
Consider the risks vs the costs of insurance.
John
[addsig]
You should get a seperate blanket liability policy to cover all policies...
Foremost offers a rehab and vacant policy that provides property and liability as a package.