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Insurance When we are building for a homeowner on their lot we can get our premium from 20 cents to 22 Cents a hundred. Lets break this down another way. Land price is $150,000 and the cost to build the home is $450,000. The monetary amount of insurance this home needs is about 20 cents x $450,000 = $900 for a 1 year builder policy. This will cover our customers home ($500) deductible and also give fire and theft and normal insurance issued for construction of a new house. When the home owner goes out to get the insurance on his/her own the normal quote is nearly twice as much. ($1800). I truly do not know the reasoning. But I will say why ask if the price for our insurance is lower? Long story short. Make sure you get insurance. If you don't hire a builder make sure your contractors have insurance. The insurance certificate should have liability and Workmans comp. In Michigan you do not have to have Workmans comp if you are a single employee. But they should have liability insurance. |
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