You know how important it is to protect your assets. Whether the assets are your real estate holdings placed into a trust or your personal assets shielded from business activities, asset protection should always be near the top of your list. There’s no reason to place your hard earned properties and profitsget builders risk insurance in jeopardy, especially in today’s extremely litigious society.

You protect your primary residence with insurance as well as your business and real estate portfolio. But don’t forget about insuring properties that are currently vacant and being rehabilitated.

Commonly called “builder’s risk” policies, such protection keeps you out of harm’s way. Even though the property you purchases is little more than a slab and some framing, it needs to be insured and your present homeowner’s insurance policy doesn’t cover vacant homes that are being remodeled or refurbished, you have to make sure you have a separate policy that protects you and your assets.

For example, say you tore down a structure and just poured an extension to the slab. Your contractor ran electricity to the site and there are tools and materials all about. A real estate agent sees your project and decides to stop by and take a look. While walking up the steps to your property, the agent trips on her heels from some exposed rebar and takes a serious tumble. So serious that an ambulance was called to transfer the hapless agent to the hospital to attend to the broken leg and slight case of shock.

It wasn’t your fault the agent decided to arrive on your property unannounced and walk around a construction site in high heels, yet if you don’t have builder’s risk insurance, you may not be covered. Such policies also cover damage to the structure and stolen property. Not all insurers offer these policies and their premiums can vary widely. Make sure you and your insurance agent know your requirements and get a competitive policy.