Please protect yourself(builders risk insurance for rehabs)
I was told recently by one of my mentors to make sure I am getting builders risk insurance while I am rehabbing a property. I've been putting it off, saying I will do it on the next deal, then tonight happened.
I went over to one of the rehabs being done to do some painting. Earlier in the day my concrete guys were over there to replace the driveway, sidewalk and front porch. When I got there tonight everything was dug out ready to be filled back in tomorrow. Well, there were a few 1 X 6's lying over where the porch was. I assumed they were just lying on top of the ground, as that's what it looked like. I proceeded to step on top of them to go in the front door and as I did the boards snapped underneath me. There was no ground under me it was a hollow 15ft drop. Not sure why it was originally built that way, but regardless it jacked me up pretty good.
My point of the sob story is if I were someone else on the job or a pedestrian and that happened there would very likely be a nasty law suit which I'm not covered for with regular insurance.
Please don't take things for granted. Get yourself protected on your jobs as well as entities.
I was told recently by one of my mentors to make sure I am getting builders risk insurance while I am rehabbing a property. I've been putting it off, saying I will do it on the next deal, then tonight happened.
I went over to one of the rehabs being done to do some painting. Earlier in the day my concrete guys were over there to replace the driveway, sidewalk and front porch. When I got there tonight everything was dug out ready to be filled back in tomorrow. Well, there were a few 1 X 6's lying over where the porch was. I assumed they were just lying on top of the ground, as that's what it looked like. I proceeded to step on top of them to go in the front door and as I did the boards snapped underneath me. There was no ground under me it was a hollow 15ft drop. Not sure why it was originally built that way, but regardless it jacked me up pretty good.
My point of the sob story is if I were someone else on the job or a pedestrian and that happened there would very likely be a nasty law suit which I'm not covered for with regular insurance.
Please don't take things for granted. Get yourself protected on your jobs as well as entities.