Podcast: Builders’ Risk vs. Homeowners’ Insurance Explained | Susan Morgan
In this episode, Jennifer Goldsby discusses the nuances of Builders’ Risk Insurance and Homeowners’ Insurance with insurance expert Susan Morgan. They explore the importance of understanding different insurance policies, especially for homes undergoing renovations. The conversation highlights the benefits of working with an independent insurance agent and the critical differences between renovation and restoration in terms of insurance coverage. Key insights include the significance of policy terms, the implications of DIY projects on insurance, and the additional coverages available under Builders’ Risk Insurance.
Takeaways
• Independent agents provide a broader view of insurance options.
• Builders’ Risk Insurance covers different exposures than Homeowners’ Insurance.
• Homeowners should discuss their renovation plans with their insurance agent.
• Policy terms for Builders’ Risk can vary based on project length.
• Understanding earned premium is crucial for Builders’ Risk policies.
• Lenders may require quotes for both Builders’ Risk and permanent homeowners’ insurance policies.
• DIY projects may impact insurance policy coverage.
• Builders’ Risk Insurance can protect homeowners’ claim history.
• Soft costs are included in Builders’ Risk policies but not in Homeowners’ policies.
Chapters
00:00 Introduction to Shepherd Insurance and Personal Lines
04:20 Understanding Builder’s Risk vs Homeowners Insurance
08:53 Renovation vs Restoration: Insurance Implications
12:36 Benefits of Builder’s Risk Insurance
14:02 Introduction to Legal and Compliance in Lending
