Everyone dreams of building their own house or property, however, some fail to protect their investment by covering the house with insurance during the building phase. There are several insurance policies that will protect your home should unforeseen problems occur.

Liability Insurance

Liability insurance covers anyone who gets hurt on your property while you are building. This is especially important in a family community where children could be playing in the area and get hurt.

Workman's Compensation

Workers' compensation is important to have in case the people you employ should get hurt while working on your property. It also ensures that you avoid being sued because someone was hurt.

Theft Insurance

It is unfortunate, but there are some people who will steal from construction sites. They may steal lumber and building supplies that is brought to the site. Insurance for theft will protect the materials you need to build your home.

Miscellaneous Insurances

There are some miscellaneous insurances that protect your home from natural disasters, fire and vandalism, as well as the damage that could happen in a windstorm or due to smoke damage after a fire.

Comprehensive Insurance

If you want to save some money, you may want to purchase a comprehensive insurance policy that would cover you for several different types of coverage. This type of insurance could protect you from small occurrences all the way up to the full replacement value of the property.

Source:

Fair Trading: Home Buiding and Renovating

Building Centre: Insurance Needs