Construction Insurance in Coeur d’Alene, Hayden Lake, Post Falls, Sandpoint, Spokane, and Spokane Valley

You’re getting ready to build your first Hayden Lake home – an exciting proposition. As you start looking over the figures for the construction cost, you see a line for insurance. That might seem odd, but in reality, you want that insurance coverage for your construction should something go wrong. And construction insurance is not quite the type of insurance that you might be familiar with.

Construction Insurance in Coeur d'Alene, Hayden Lake, Post Falls, Sandpoint, Spokane, and Spokane ValleyWhen you are going to build a new home or other structure in Spokane, give a call to your Inland Insurance agent to discuss construction insurance for the project. They can help find the right policy for the project so that you’ll be protected should something bad happen, and you won’t be out a bunch of money.

So What Is Construction Insurance

While construction insurance is a broad term and there are several different types that can fall under the construction insurance category, what typically is meant by construction insurance is to cover the building project itself. This kind of insurance is usually called builders risk insurance, or course of construction insurance. This insurance is to cover the Post Falls buildings while the construction of them is ongoing.

These construction insurance policies cover things such as foundations, building materials, temporary structures such as scaffolding, trees, and lawns installed by professionals, as well as other related structures and materials. The purpose of the coverage is to protect against fire, vandalism, and weather, all of which are known and common issues during the Sandpoint construction process.

But What About The Workers, Etc.

Construction insurance helps protect the Spokane Valley building as it is going up, but you might be asking about the people working on the building itself. Are they covered under a construction insurance policy? What about the tools that they use to build the building? These things and people are covered under different insurance policies and not under a construction insurance policy. Because people and tools are moved from job site to job site, they need their own insurance policy for protection.

If you are building a new home in Coeur D’Alene, be sure to inquire about construction insurance for the building as it is going up. If you are told that you won’t need it, get another opinion. It’s easy to say that you won’t need it until you do need it because something happened with a faulty breaker or something else and your in-process home burned down. You don’t want to be out that money and have to start over, and construction insurance makes sure that you won’t be out the money.