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Thursday, December 11, 2008

The Dream: Builder's Risk Insurance

Another little detail we needed to take care of is securing Builder's Risk Insurance. We had some difficulty getting that done for several reasons. The fact that we are finishing the work on our own doesn't seem to have been a factor but the fact that we don't have insurance on our current residence was a pesky thing. Also we are building in a different state than the one we currently live in--that too caused us trouble. We spoke to several insurers and finally ended up going with the folks who provide our car insurance. That was the first hurdle. The second hurdle was making sure the policy was one we could convert into regular home insurance once we gained occupancy and also haggling a little over the price. Builder's Risk it turns out can be twice as pricey regular home insurance. Insurance is also pricier than I recall it being when we bought our last couple of homes, Hubby reminded me that its been a long time since then and things do go up. Still I urged him to question the price and they did bring it down and give us the OK to convert it to a regular policy with them and apply any unpaid balance to the new premium at that time--so that will save something.

Yes you can sometimes haggle with insurance companies--afterall they do want to sell their product. By haggling a bit we are saving several hundred dollars.That could be enough for us to get a dumpster as it sure doesn't look like the seller is getting some of his junk off the property very quickly. Hubby is planning to talk to him and see what's what with that. he thinks there may be more building materials that the seller could leave us in exchange for us renting him a dumpster to clean up what he doesn't want to take along. Its a thought--don't know how it will go. Seller seems to think he's nearly done moving. We just shake our head as he has an awful lot left to go and time is ticking.

I guess we had a sort of 'inkling' that we might end with some 'junk' in this bargain--but if so we can just make use of what is useable and toss the rest--probably at our expense. :( He still has until January to clear it all--but boy-- I dunno... We shall see.

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