Limited Coverage for Theft of Personal Property Located in a Dwelling Under Construction is an optional endorsement that can be selected on the Coverage tab in the Portal only for Primary and Secondary / Seasonal policy types.
This endorsement provides an extension of Coverage C only. It covers theft in a dwelling under renovation of materials and supplies for use in the construction until the renovation is finished and the home is occupied.
See the details below:
- Openly expects the course of construction to be completed within 180 days.
- This endorsement is not meant to replace a builder's risk policy. Openly does not have an underwriting appetite for new builds under construction.
- A home undergoing renovation is considered under construction and must be unoccupied for the endorsement to apply.
- This endorsement is excluded once the home is occupied and coverage no longer applies.
- Openly long-term rental (HO-3) policies are not eligible for this endorsement.
- This endorsement removes the exclusion under the HO-5 policy form for Coverage C only.
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