When brownstone and townhouses decide to do renovations on their property owners, they should be aware of a few things:

You might not have the right coverage

Owners will often think their existing insurance policy covers their building while it’s under construction, so they’ll neglect to tell the insurance broker.

But if the contractor falls off the ladder, from as little as one foot off the ground, they can sue the home owner (owners of one- and two-family dwellings are exempt).

That’s why Brownstone Agency asks its clients to send along the contractor’s policy to make sure that the contractor is covered.

Do you have builder’s risk insurance?

Also called “course of construction insurance,” builder’s risk insurance covers property and construction materials during new-construction projects, remodeling, and installation work. Projects are classified as either commercial or residential risks.

Make sure that the contractor has the proper coverage in place

Brownstone Agency will help you think about the project and where your risks are — and figure out how much coverage you need, when you need insurance to start and end, and walk you through it so you understand the coverage.

To protect your investment, reach out to Brownstone Agency today and inquire about builder’s risk insurance.

[Photos via Susan De Vries unless noted otherwise]