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Builder's risk insurance is "coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause."
That way, if the builder goes kaput, the money for any repairs will go to you, allowing you to fix things on your own. Lew Sichelman has been covering real estate for more than 50 years.
For example, if someone’s insurance covers $100,000 for a property, the insurance company might cover another $20,000 — or 20% — in additional living expenses, Collins said.
On October 30, 2007, the company agreed to pay $261,000 as part of a $1.4 million settlement by 6 home construction companies to resolve allegations by the U.S. Department of Housing and Urban Development that title insurance companies paid kickbacks to the builders in exchange for referrals. The companies denied wrongdoing and said that they ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
Between 2020 and 2022, insurance companies declined to renew 2.8 million homeowner policies in the state, according to the most recent data from the California Department of Insurance.
Jimmy and Heather Riley, a retired couple with a 3 bed, 2 bath home in St. Pete Beach, Florida, made a decision to “go bare” (another term for going without some or all coverage) on their home ...
Any protection contract is essentially providing a hedge to the owner against declining home prices. The provider (protection seller) of the contract will generally have a significant reserve in place and will also hedge their risk using housing futures from the CBOE Chicago Board Options Exchange & CME Chicago Board of Trade and other real estate short strategies to help mitigate losses.