Hard Money lender requiring builders/construction insurance coverage.
Hello all, I hope everyone is realizing their investment goals. We have reached out to a Hard Money Lender for financing a duplex we plan to BRRRR and hold. Repairs are estimated to be $62K. The HML is requiring a "builders" insurance policy. Does anyone know if that is a typical requirement from HM Lenders? Is that the same as "construction insurance coverage". I understand these policy types are quite a bit more expensive. We are scheduled to close on this property soon.
Thank you.