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What are your guys’ monthly premiums for your liability insurance?? And how much coverage do you have?? I am hearing alot of wind that premiums are sky rocketing through the roof, and with me in the middle of writing a business plan to prepare to start on my 1st home as a builder, I am wary that I will get swallowed alive buy the high cost of insurance. I hear stories of 50k/yr premiums or a local builder!! Does it matter if your doing 6 homes a year or 300?? Any advice???
Thank you !!
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Premiums are either based on gross receipts or field payroll. If you do new construction work the premiums are much higher due to "work defects" Insurance companies have been losing money on new construction due to damage to homes from faulty workmanship. People dont realize that when you build a new house it is going to settle and there may be some cracks inb the walls in the first year. The main complaint I hear from INs. Co's is leaks from windows, siding or roofing due to improper flashing on the home. Sept 11 didnt help matters either. Then you factor in each states own greed since they write the legislation concerning these issues. I a recent pole contractors are rated BELOW auto mechanics and lawyers. Which is funny because without us they wouldnt have there 4000sq' home. I mean whos gonna build it, "THEM"? Like Areosmith said, "DREAM ON, DREAM ON, DREAM UNTIL YOUR DREAM COMES TRUE!"
Carl
*So what year is your Bimmer?Mike
*1997 M3...handles like a dream =)
*Sweet! I rode in a friends on the Autobahn once. Almost put me in the trunk when he stepped on it.I've got a 97 ti. Not near as fast but the hatchback holds more luggage! ;)Mike
*You might want to start shopping for the insurance right away. It took a week for my current agent to determine that he couldn't insure me if I was going to do a lot of roofing. The second agent I contacted (a friend of mine) has taken a week to get "a feel for what the numbers will be" (that's what was on my messages this afternoon).Both agents thought it would take a few hours to get a quote, a day at most.Rich Beckman