Owner Builder and New Home Construction Loan Insurance.
Property Hazard Insurance:
This portion of your coverage provides insurance for the structure and physical property in the event of loss due to fire, wind, water, and other natural disasters such as earthquakes. In certain high-risk regions, the Property Hazard Insurance will not include specific events, such as floods, and the owners will require a separate policy against those hazards. The amount of property hazard insurance typically depends on the cost of replacing your home in the instance. When applying for a home construction loan. Property Hazard Insurance will only be required after construction is complete, and you have received an occupancy certificate.