Are you insured?
Before you begin to build your own home, you will want to make sure your project is insured. Builder’s Risk insurance is a must have. If someone is hurt on your property, you will want to make sure you are covered. When I started shopping around for Builder’s Risk insurance, I was amazed at some of the estimates that I received. One of the estimates was $1000 for a six month policy. Our insurance agent shopped around a little more and found a company that offered a Builder’s Risk policy for about 70% less than what we had originally found. They gave us a year to finish building our home and then the policy converted into a home owner’s policy. The key to getting the best for your money is shop around and research. I would of probably paid the original estimate we had received because I thought that is just the price you pay when you build your own house. Luckily, we shopped around a little bit more and we were able to save about $1500.