Personal Consumer Issues • Builders Risk insurance during major renovation

I'm planning a major renovation for my primary residence. It will require moving out for ~6 months. The work will be fully permitted and performed by a licensed & insured contractor under a cost-plus arrangement.

My existing homeowners policy is through USAA. USAA has proposed to switch me to a landlord-type policy during the renovation due to the duration, but does not directly underwrite a renovation/builders risk rider. USAA directed me to SWBC for additional coverage but they declined to cover on the basis of the cost-plus contract I have with my builder. This makes little sense to me as an underwriting standard, but here I am.

I'll admit the finer points of where dwelling coverage ends and builders risk begins in the context of a major renovation to an existing property is a little fuzzy to me. The project is big enough my inclination is for a belt-and-suspenders approach, though I'd be curious if there are bogleheads that feel like dwelling coverage might be 'good enough' in this instance.

Any bogleheads that have navigated a similar situation and can offer some pointers?

Statistics: Posted by Cobbles&Cols — Wed Jul 03, 2024 6:02 pm — Replies 1 — Views 222

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