Many people choose to go with modular home manufacturers without proper insurance coverage when they build a new modular home. If you are planning to follow the footsteps of these people, then be alarmed, as proceeding with modular home manufacturers without insurance is a risky way of saving money when you are building your house.
Mistakes and accidents may happen while constructing a home regardless of the type of construction. If you have the right insurance, then you will be able to mitigate the effect of damages or accidents that may happen during the construction process. So, make sure to find modular home manufacturers with proper insurance and follow these simple tips.
Make Everyone Get Construction Insurance
The first and most important thing to do before starting the construction of your modular home is to ask everyone who is involved in the building process to get insurance.
Making this a necessary requirement might not prevent the disagreements on who is responsible for the coverage. However, it will increase the chance for one or multiple insurers to take up the responsibility. This is much better than being responsible for all the accidents and other damages that may happen during the building of your modular home.
Verify Construction Insurance Coverage
You might have already made everyone to have an insurance coverage but it isn’t quite enough. You will need to verify whether each one of them has a current insurance policy with sufficient coverage. In addition, you will have to insist on receiving a “certificate of insurance” directly from the insurance agent for everyone.
Make sure to get a copy of the insurance certificate, as it will certainly protect you against being duped by a contractor or a dealer whose insurance policy has just run out.
Secure your Own Construction Insurance
As we mentioned earlier, you will need to have insurance coverage for everyone who is working directly on your building project. You will also need to follow the exact procedure with the subcontractors that you hire.
In addition, you will have to get a “builder’s risk” policy, as it will offer better coverage against vandalism and theft than any other ordinary policy.