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Lenders require liability insurance, which protects you against someone getting hurt on the property or by the actions of somebody working on the property, to be carried by either you or the contractor. If the contractor carries the policy, the policy needs to meet the following criteria to satisfy most lenders:

 It should be in the form of a comprehensive general policy for $1 million or be a policy including broad-form liability endorsement.

 The contractor must be named as the insured.

 You and the lender must be named as additional insured.

 The property address must be included on the certificate.

You may want to carry this policy yourself because in some states it can be expensive for a contractor to get a liability policy if they don’t already have one. If you carry the policy, the cost will be added to your budget and considered for financing as discussed in Chapter 9. Note that policies vary in cost by state and the size of your home. If you’re carrying the policy or you’re an owner-builder, you can get the liability policy with a few changes:

 The contractor doesn’t need to be named.

 You’re named as the insured.

 The amounts should be for $1 million for each occurrence, extended to both property and personal injury.