Insurance for New Construction Project
Hello all,
I'm working on another a New Construction SFR project. In past projects, we have hired a GC but given my husband's commercial construction & engineering background, this time we will General ourself.
On this next project, we will be the landowner, investor, developer, and GC (yes wearing many hats).
My question is regarding the level of insurance required:
1) For the GC license, the state (of Washington) requires General liability insurance and bonding. (~annual $3,000)
2) For the land homeownership, we will carry a homeowners insurance policy. (~annual $2,000)
3) For the specific project, we will carry a Builders Risk Insurance policy. (~annual $950)
Seems like a lot of insurance but I also want to make sure we’re covered.
Does this seem like overkill or just right? Am I missing anything?