Mar
28

Is Your Chicago Real Estate Insured During Construction or Remodeling?

March 28, 2011

new home being builtIf you are embarking on a construction or remodeling project to improve your Chicago real estate, you are probably concerned about project cost. While you want to find a contractor who’s price is fair, you also want to be sure they are properly insured. Visit the 

Equifax Personal Finance Blog to educate yourself on the types of insurance that may be needed, and make sure your project is covered.

In her article, “

Four Ways to Protect Your New Construction or Renovations from Liability,” insurance expert Linda Rey describes general liability insurance; additional insured blanket coverage; care, custody and control endorsements; and tools off premises coverage. Who knew that the friend you are hiring to hang trim might need all these types of insurance?

General liability is the basic insurance that Rey says all contractors and builders should have. It provides protection against injury or property damage, whether it’s the client, another worker or even someone passing by who gets hurt.

Rey says that state laws vary regarding who is liable in construction site cases, though. She cites the example of a client who hired a couple of friends to do some work. One friend fell off a ladder and was injured. He sued the other friend, who he said was in charge of the work. Though he had insurance for himself, that friend ended up paying $18,000 out of pocket because his insurance didn’t cover other workers! If you’re hiring friends, make sure they are protected.

Rey’s article goes into some detail on other types of insurance, too, so be sure to check it out at the 

Equifax Personal Finance Blog. You’ll want to make sure your project – whether it’s construction or renovation – is fully covered.

About The Author

Read All Stories By Carol Morgan

Carol Flammer is a public relations and social media marketing expert, strategist and consultant. With 20 years of experience, Carol has established herself as the “go to” for real estate and construction products public relations and social media. Carol is president of Flammer Relations, Inc., and managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Atlanta and Chicago.

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