Home Construction Insurance

Building a home is rewarding yet demanding.

Home Construction Insurance is the protection you need during the construction process.

It covers homes under construction or renovation as well as the risks associated with the building process. Home Construction Insurance is written on an All Risk basis and covers a broad scope of perils. It can also cover tools, equipment and materials used at the site.

What can Home Construction Insurance coverage include?

Construction Equipment
Building structures
Tools
Building materials
Workmen

Benefits

Your coverage period extends from the start of construction or renovation, until practical completion. It offers you protection against instances such as having to pay twice for materials, damaged tools, or for any equipment lost or damaged by covered events.

It can significantly assist you in fast recovery from loss or damage. Home Construction Insurance also indemnifies you against liabilities to third parties during the period of construction.

Get the peace of mind you need as you build or renovate your home with Home Construction Insurance. Speak with an Insurance Specialist or Sales Specialist to find out more, or call 1 866 743-2257.

*These benefits are exclusive to CIBC Caribbean clients.

Let's answer your Insurance questions

- How is my auto insurance premium calculated?
  The insurance premium you pay is based on standard calculations involving the following factors:
  
  - The vehicle’s profile (type, usage, engine size and value)
  
  - Each driver’s profile (including age, occupation, driving experience and driving history)
  
  - Higher premiums may be incurred by high performance engines, young or inexperienced drivers, and expensive or unusual vehicles
- How do I make an auto insurance claim?
  In the event of an accident, remember:
  
  - Do not admit liability
  
  - Call the Police immediately
  
  - Contact us on the emergency hotline for assistance
  
  - Obtain the names and addresses of all parties involved and available witnesses who are not passengers in your vehicle
  
  - Record measurements taken by the Police
  
  - Take photographs or have photographs taken of vehicle/ property damage
  
  - Secure vehicle to prevent further damage
- How is my home insurance premium calculated?
  ·         The premium you pay is based on careful calculations involving these factors:
  
  ·         Your home profile (timber, wall, square footage)
  
  ·         Age of your home (whether it's a brand new construction or more aged home)
  
  ·         If you live in a high-risk area (such as a beachfront property or hillside lot)
- What is a policy deductible/excess?
  This is the first part of a claim, which You must pay. If claims are under two or more sections for loss or damage sustained at the same time, the deductible/excess will be deducted separately from the total amount under the agreed claim settlement.
- How is my mortgage indemnity premium calculated?
  The premium you pay is based on careful calculations involving these factors:
  
  ·         Purchase Price of property (including land)
  
  ·         Amount of Loan
  
  ·         Maximum Loan Amount
  
  ·         Term of Mortgage

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