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candyheart
LIF Zygote
Member since 12/08 4 total posts
Name:
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Gutting new home
Just purchased new home, and are gutting entire house. We don't plan to move into our home until most of the work is completed. This past weekend we ripped out every piece of Sheetrock in the living room and dining room, right down to the studs---with tons of more work to do! Today our insurance agent calls and tells us he will by next Monday to take pictures (of the original house) to finish up our homeowners insurance. I have been told that insurance companies will not insure homes that are under construction, especially if no one is living in it. I know we are not the first to have major work done in a new home and wait a few months to move in. Has anyone experienced this? If so, what did you do? what type of insurance did you get?
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Posted 5/15/12 12:54 AM  |
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CindySN23
Stop, Think & Breathe...
Member since 8/11 3550 total posts
Name:
Cindy
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Re: Gutting new home
I was told for insurance purposes we needed to be living in the house and it could not stay vacant...our broker even said that an insurance agent could stop by to check and see...I would def ask a broker about what type of insurance you would need if you will not be occupying the home while the construction is ongoing
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| Posted 5/15/12 7:55 AM |
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dn413
LIF Infant
Member since 1/12 91 total posts
Name:
debbie
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Re: Gutting new home
We are doing the same thing right now. We bought our house in the middle of march and gutted the entire house. While doing my search for homeowners i was told if we were not going to live there we had to have special builders insurance that was like 2000 for 6mths..So i decided not to say anything and just get regular insurance. We put those paper blinds on all the windows from HD. I believe the insurance agency came one-two weeks after we closed. They never told is they were coming but i knew they would show up sometime. Are they asking to come into the house? I think you have 30-60days to move in before they can say anything.
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| Posted 5/15/12 8:36 AM |
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Leb
LIF Adult
Member since 12/09 4166 total posts
Name:
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Re: Gutting new home
I had no idea about any of this. We got our home owners before we actually closed. Once we closed we started pulling out carpets and some other things for about 2 weeks, then it wound up we ripped down every single wall, insulation, wires and even reframed some rooms.
We didn't live there for about 4 months until it was semi liveable. Had no idea there were rules and no one said anything to us.
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| Posted 5/15/12 9:38 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Gutting new home
Our insurance came and they just took pictures of the outside while we weren't even home
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| Posted 5/15/12 10:14 AM |
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marieSand
Hello LIF!!!
Member since 8/10 1224 total posts
Name:
marie
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Re: Gutting new home
Posted by Mrs213
Our insurance came and they just took pictures of the outside while we weren't even home
same here, and we got a letter in the mail saying that our gutters needed to be fixed. the letter gave us a timeframe that they would be back to check.
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| Posted 5/15/12 11:05 AM |
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candyheart
LIF Zygote
Member since 12/08 4 total posts
Name:
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Re: Gutting new home
We also had our homeowners insurance before we closed. We thought it was a done deal--paid for a year in advance! Ins. Co called to make an appt. so they could get inside and take pictures. Really don't know what to do. Maybe set up a bedroom, so it looks like we are living there.
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| Posted 5/15/12 3:06 PM |
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LovesMike
LIF Adult
Member since 8/10 978 total posts
Name:
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Re: Gutting new home
Any updates about this? We are kind of in the same boat and don't want to get started with any of the work until we know what, if anything, the insurance company is going to do or need . . .
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| Posted 5/31/12 10:10 PM |
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Re: Gutting new home
You will have to get a builders risk policy. No insurance carrier will insure if the house is vacant for more than 30 days and/or being totally renovated.
The policy you have now will not be valid and will be cancelled within 30 days of the inspector coming, so you should take the builders risk policy ASAP to make sure you are properly covered.
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| Posted 6/1/12 7:53 AM |
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LovesMike
LIF Adult
Member since 8/10 978 total posts
Name:
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Re: Gutting new home
So, does the builders risk policy satisfy the bank? Of course they require the year of homeowners to be in place, which it is. We expect renovations to take two months. We are willing to move in during that time if we have to-we want to be forthright with everything and are willing to do whatever we have to do to do this the right way...help!
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| Posted 6/1/12 8:37 AM |
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Re: Gutting new home
Posted by LovesMike
So, does the builders risk policy satisfy the bank? Of course they require the year of homeowners to be in place, which it is. We expect renovations to take two months. We are willing to move in during that time if we have to-we want to be forthright with everything and are willing to do whatever we have to do to do this the right way...help!
Yes, it would. You take the policy out for how ever long you think the renos will be, then you would write a standard home policy for after that. So if they say 2 months, your probably looking at 3. The policy is usually pretty expensive too because of the risk involved. If I can be of any help to you feel free to fm me or call me.
ETA: Liability is not included in these policies, the contractor should have his own.
Message edited 6/1/2012 10:10:01 AM.
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| Posted 6/1/12 10:04 AM |
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