Know the difference between construction and remodeling. There is a big difference in insurance coverage! At first glance, it may seem obvious whether to consider a construction project as new construction as opposed to remodeling for purposes of obtaining builders risk insurance to cover risk of loss during construction. In reality, the distinction isn't quite so cut and dried.
It is important to understand the differences so you can get the correct type of coverage for your projects.
In builders risk insurance, new construction is defined as construction from the ground up. Generally, a builders risk policy should be purchased before construction even begins. However, sometimes there is a need to get a policy when construction is already underway and has stopped.
For example, let’s say property owner began construction with one contractor and took out a builders risk policy based on that contractor’s experience and qualifications. Midway through construction, you and your contractor parted ways. You still need to finish your project with a new contractor, and will need a new builders risk policy. This is still considered new construction.
When it comes to renovations, there are several different types of projects that can all be categorized as remodeling for builders risk insurance. The common denominator for all of these projects is that there was already a completed structure in place before the new construction project started.
Remodeling projects that can be covered under builders risk insurance include everything from installing or upgrading a kitchen or bathroom to major structural renovations. If your client purchased an existing house and intends to hire a contractor to gut it and completely renovate the property, coverage will still be classified as remodeling since there is an existing structure. What’s more, home remodeling insurance can be written to include the existing structure, or to specifically cover only the renovation.
The Internal Revenue Service (IRS) issued today a warning to alert taxpayers and tax professionals of an active IRS impersonation scam campaign sending spam emails to deliver malicious payloads.
This warning was issued after the IRS received several reports from taxpayers during this week regarding unsolicited messages with "Automatic Income Tax Reminder" or "Electronic Tax Return Reminder" subjects, coming from scammers impersonating the U.S. revenue service with the help of spoofed email addresses. "The emails have links that show an IRS.gov-like website with details pretending to be about the taxpayer's refund, electronic return or tax account," says IRS' warning. "The emails contain a 'temporary password' or 'one-time password' to 'access' the files to submit the refund. But when taxpayers try to access these, it turns out to be a malicious file." Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.
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IS FLOOD INSURANCE NECESSARY?
In some cases, you may be required to have flood insurance. If you own a home on land that is at high risk of flooding, your mortgage lender may require you to purchase flood insurance, says http://FloodSmart.gov .
Flood insurance isn't just for homes in high-risk areas, though. The Federal Emergency Management Agency (FEMA) says that all 50 states have experienced floods, and that more than 20 percent of the claims it handles come from the moderate- to low-risk regions.
WHAT DOES FLOOD INSURANCE COVER?
So, what does a flood policy help protect? FEMA says you can purchase coverage to help protect your home, your personal belongings, or both. Here are some of the basics for these two types of coverage:
Building property coverage
What it helps protect: The physical structure of your home and its foundation; plumbing and electrical systems; central air and heating systems; attached bookcases, cabinets and paneling; and a detached garage (other detached structures need their own policy). How it typically pays out: Replacement cost basis (what it would take to repair the home in today's dollars) for a primary residence and actual cash value (which factors in depreciation) for a vacation home.
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