Builder's Risk Insurance vs. Homeowners

[John Matthews]

I just read this thread: http://www.biggerpockets.com/forums/95/topics/118902-builders-risk-policy and I think we're in similar situations. My HML requires builders risk. Another lender that I've been working with recommended that I talk with one insurer about insurance for rehabs. That insurance company believes that builders risk is only available for new builds (not rehabs). He quoted me for a landlord policy which claims to protect against construction on an existing property as well as after I get a tenant in the property, but other insurance providers don't seem to believe that's true.

The insurance side of things is still very new to me, and unfortunately I haven't been able to get a complete list of legalese detailing what is and what is not covered to determine for certain if there's a difference between the two.

Can anyone shed some light on this, or point me in the right direction?

Thanks in advance

[Chanté Owens]

Here is a very thorough link to what Landlord Insurance is and covers: 

https://www.trustedchoice.com/landlord-insurance/c...

As the others have indicated, Builders's Risk insurance is what covers a property while it's being built and/or remodeled/upgraded and is unoccupied. Once the build and/or remodel is completed, most policies predicate that you have 30-60 days to obtain regular insurance for the premises based on what type of occupancy it is; ie, if you are moving into the property, then you would get an HO (Homeowners policy), if it's a rental, then you would obtain Landlord policy or a Dwelling Policy to actually cover the building (since you own it, but not the contents, since presumably, the tenants should obtain renter's insurance to cover their items).