INSURANCE
You'll be
required to carry several types of insurance as your building
is being built. The type of insurance you'll require depends upon
the fact that whether you are hiring the various contractors or
whether you have a general contractor.
You would
have to carry workers compensation, disability benefits and builders
risk. If you are going to buy a lot and hire contractors such
as masons, plumbers, electricians etc, to do each of the jobs
required to build your home. The workers compensation protects
workers for injuries and accidents related to their work. Disability
benefits protect workers for injuries and accidents not related
to their work, and the builder's risk provides financial protection
fire, weather and vandalism during construction.
Your general
contractor should have insurance for workers compensation, disability
benefits and builders risk. He should be willing to present proof
of the policies before construction begins.
You should
also have family liability insurance even if you are putting up
the building yourself. This will protect you from being sued by
persons injured on the property whether on nor the injured person
was trespassing and whether or not you were at fault.
