We lost our house (total loss) in the Palisades fire. Our renewal for the next policy year comes up within the next month. Because we have no structure on the property, we do not think it makes sense to renew the policy for the full premium. We would like to continue coverage for personal property and liability, as well as Workers’ Comp for workers on the property. In speaking with our agent, it sounds like a “Builder’s Risk” policy is the most appropriate option. We are told that this automatically converts to a new policy when a home on the property becomes habitable. Is this understanding correct? Are there other questions I should ask or items to address in the renewal?
Jonathan Gottlieb asked 2 weeks ago 1 Answers
Hi Jonathan,
Firstly we are sorry you have lost your home in the recent wildfire and wish you and your family a full recovery. Consult your agent and consider the correct modifications to your policy, which could include a coversion to a Builder’s Risk policy. We commend you for thinking proactively about your insurance policy and UP provides the following resource, including questions to consider:
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