Vacant policy vs builders risk

[Ben C.]

Hello, Can someone shed some light on this for me. What is the difference between a vacant home policy and a builders risk policy? I am deciding between a gut Reno/addition and a tear down to the basement. My insurance agent told me the vacant home policy is applicable if I go the first route and builders risk if I go the second route (tear down to basement foundation). Do you agree? I will be GC and hiring the subs to do the work in order to save $. Thoughts? Thank you!