Are You Insured? Protect yourself during your next major remodel: 1. Make sure the contractor has insurance for not only injuries and property damage, but also negligent workmanship and injuries sustained on the job. Check also for workers’ compensation and liability insurance, and get copies of all of the certificates of insurance. 2. Consider purchasing builder’s risk insurance. Building materials and equipment belonging to the contractor aren’t covered by homeowners insurance. Builder’s risk extends coverage to equipment or building materials on the property that have yet to be installed. It’s not uncommon for thieves to target construction sites, particularly if there are valuable materials, like copper plumbing pipe. This coverage is an add-on to your existing homeowners insurance. Next in Part 2: Another Insurance Option.