Are you are planning to build a new house for your family? If so, be warned that this type of insurance coverage is not offered by all insurance companies, especially if you are thinking of building this home by yourself! Assurances Multi-Risques brokers would like to offer a few tips to help you to make your dream come true, and to help you to avoid problems that can occur if you are not adequately insured.
Tip no. 1: Contact your home insurer before launching your project
In fact, we recommend that you contact an independent insurance broker specializing in new self-builds before you even break ground or pick up your hammer. By doing so, you will be saving yourself a lot a time as the broker will take on the task of finding a specialized insurer for you.
Be warned that most insurers will refuse to cover you if you have already started your project. If this has happened to you, a conversation with a specialized broker can help you to find an appropriate solution to your current predicament. You may also ask for more information on substandard insurance policies.
For more information on substandard insurance, visit the following page: https://multi-risques.com/particuliers/probleme-assurance-assurance-sous-standard/
Tip no. 2: Your project deserves to be well insured
Insuring a new self-build may seem complex, but it is in fact a simple task for Assurances Multi-Risques brokers. The first thing the broker will do is to insure the property as if it were owner occupied. Subscribing to an all-risk or an extended form insurance policy could also well be the right thing to do in your situation.
When talking with your broker, don’t hesitate to thoroughly discuss your insurance coverage needs and exclusions. For example, know that standard insurance contracts do not cover the theft of building materials and tools. The same goes for damages linked to water exposure or vandalism. Adding such coverage would be wise… Theft insurance is available, but water damage and vandalism coverage, unfortunately, is not offered by insurers.
Our brokers will also suggest that you add an employer civil liability and voluntary indemnification clause or a construction civil liability clause to your contract in order to adequately protect your assets.
Tip no. 3: Your project’s success depends on a trusting relationship between you and your subcontractors
Most insurance companies will require that you complete your building project within a six-month period.
In order to respect this deadline, we suggest that you plan your project thoroughly, stay within the prescribed task timelines, and hire subcontractors licensed through the Régie du Bâtiment du Québec (RBQ). Also, don’t hesitate to ask your subcontractors for adequate proof of insurance coverage.
In order to find out if your subcontractor is licensed through the RBQ, click here : http://www.rpe.rbq.gouv.qc.ca/GIC_Public_NET/RPE/GIC111/GIC111PR01RechercheEntrepreneur.aspx
Building your new house will require a lot of time and energy. In order to ensure that all goes well, keep a tight timeline with all of your subcontractors and contact Assurances Multi-Risques.