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What to Expect When Filing a Construction Insurance Claim

Construction claims are happening more often now due to hurricanes, acts of nature as well as many builders and developers filing bankruptcy. If you have put money down to build a new home, only to find that the developer has gone bankrupt or a storm has destroyed the development, you may be able to make a construction claim.

Insurance companies that handle these types of claims will look at several aspects of the construction site before issuing a policy. Most insurance companies will cover any claims made from storm damage, but this may not cover everything. The insurance company will look at the solvency of the developer, the area where the construction is taking place as well as the value of the property.

Some instances where you may have a legitimate claim and be able to get money from an insurance company or developer include:

If the Home was Hit by Lightening or Destroyed by a Storm

The developer will have to have construction insurance in order for such a calamity to be covered. If the developer or builder does have insurance, then they will be covered for the damage. You, however, will not be covered for any inconvenience that it will cost you to stay an extra amount of time in a rental or another home. There is new construction insurance that you can get that will enable you to get coverage in case of such an occurrence. They will then compensate you for your loss. This will include extra time that you have to stay at a rental and cannot be in your property. The compensation has to be backed up with receipts.

If the Developer Goes Out of Business

If the developer goes bankrupt and you have new construction insurance, you may be able to make a claim. If not, you will be behind the banks and suppliers in order to retrieve any money that you put down on the house. Chances are that you will not see any money if you do not have construction insurance.

If the House is Vandalized

This will work just the same as if the house was damaged in a storm. You will not be compensated unless you have specific coverage.

Many people today who are thinking of having a home built are looking towards construction coverage. This protects their interest in the property in case of damage or, in some cases, bankruptcy on behalf of the developer or builder. With the new housing market at the lowest point it has been in nearly 30 years, there has been an onslaught of new construction claims with those who insure new construction.

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Cost Verifiers (costverifiers.com) are a specialized team that delivers cost-specific construction claims and litigation support. Visit their website for more on how they can help you with your construction claim. Art Gib is a freelance writer.

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