Do I Need Builders Risk Insurance To Purchase A Home Where We will Do Major Renovations Before Moving In? 
You definitely need to purchase a builders risk policy while remodeling . I would recommend purchasing a policy that covers the existing structure with an additional amount to cover the actual renovations . This is a policy that most if not all independent agents can handle and advise you on . Although this is not a homeowners policy , the bank should be completely fine with it as this is similar to what they see when they do a construction loan on a new home . 