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By Leonard GildarieOver the past two years, I have written almost 50 articles on homeownership and its pitfalls in Guyana. From proper budgeting, to applying for a mortgage to window shopping first, the topics have had one common thread…protecting yourself from spending too much and making sure that the arrangement with the contractor is free from possible problems.However,cheap nfl jerseys china, while I have been warning and advising, the complaints have continued to pour in. People have ended up spending more money than they had budgeted. In most cases the home is left stuck at a particular phase or something like tiling or the fence has to be sacrificed.Risk-InsuranceWhile one of the reasons has been cost overruns from a higher cost of building material, I do have a theory as to the main cause the process has become bitter for many. Our arrangement with the contractor, I would venture, is the main reason. And I will be hated by some contractors for talking about a public secret that many of them want to keep from getting into the sunlight.Anyone applying for a job will put on their best outfit, as part of the process of being interviewed and hired. You will need to present evidence of qualifications and experience and even be required to submit testimonials from your last employer. While experience and qualifications are critical, many places, including banks and other financial companies, insist on doing background checks on the applicant. This is to ensure that you were not fired from your last job for stealing or convicted for a criminal offence. Some companies even call the former employer to question them.Hiring a contractor is very important and like I wrote before, should follow a similar process.Check on his last job and the one before that. Did he complete it? Were there problems? How many homes did he build before?I saw someone write recently that many “contractors”, working only a year or so as a help, suddenly decide that they have the experience to be recognised as qualified. Imagine having a rookie construction worker building your home that you have saved and slaved for your entire life? Or imagine going through the nail-biting process of applying for a mortgage, getting permission to build, quotations, sleepless nights fighting with your spouse over designs, the running back and forth, then handing it to a teenager with little experience to see it through.This is tantamount to flushing good money down the toilet bowl.A homeowner has to carefully select the contractor. There are no shortcuts. The process I have outlined is tried and tested.ProtectionAnother scam used by contractors is the offer of a low labour and workmanship price that you believe is a good bargain. You feel good inside because you drove a hard deal. It may be a mistake, as I have learnt.While building, I fell for this. My contractor had one more week of work left, but he had been drawing down payments every week. I paid him the Friday and he said that he would be back the next week to finish off. Halfway through the last week, he said he required a further $125,000.I got mad. I took a mortgage and money was tight. Where was I going to find that amount? Sad to say, he picked up his tools, highly annoyed after my angry phone call to him. We ended up paying him – after a relative helped out – to complete his job. He was sloppy with the job too.Many contractors have done this. There are admittedly some decent ones. But I can count the ones I know, on a few fingers.New house lot owners, happy to be granted a piece of the Guyana dream, and anxious to start, simply do not take the time to think the project through. This is where the element of protection comes into focus.InsuranceI found out last week through one of the insurance companies, that there is a way to ensure that the contractor is responsible. It is called a “Contractors’ All Risks Policy”.I am simply amazed, with the housing market booming the way it is, that none of the insurance companies have been aggressive in pushing this product and cashing in.When a mortgage is granted, the banks demand that you take out a life insurance or fire insurance policy. This is to ensure that should you die or become incapacitated, the mortgage is covered.  However, that is to cover the banks.With the difficulties faced by new homeowners, I examined a few scenarios and found the Contractors’ All Risks is the best option for protection. That is, until the country’s laws and enforcement are more in sync. Even if a contract is signed between the homeowner and the contractor, the legal process for possible claims is a major, drawn-out headache. By the time you get the money, presuming you win the case in court, a bag of cement may have reached $3,000. In all likelihood, the contractor will also have no assets in his name that you can seize.Contractors’ All Risks is a policy that either the homeowner or the contractor can take out. It simply allows the homeowner to claim back for work badly done and that has to be fixed again. It can also protect the homeowner against lawsuits from possible accidents and injuries suffered by workers on site.I would recommend (as further security for the contractor to be responsible) that as part of the agreement of him being hired, a Contractors’ All Risks policy be taken out. It is the best bet for possible problems.I would also love to see the insurance companies and the banks collaborate and push homeowners to have contractors take out the insurance as part of the mortgage process.The benefits are plentiful. No longer will contractors think that they have nothing to force them to pay if they foul up. The insurance premiums will be costly in the inception and there will be mechanisms in place to ensure that the homeowner and contractor do not collaborate to fleece the insurance companies.One of the ways the insurance companies can make the policy more attractive is by awarding points to insured persons for no claims. The points could be converted into reduced premiums in future policies. A win-win for everyone.I will be talking to the insurance companies in the coming days about the details.In the meantime, stay safe on the roads, enjoy the weekend and continue to send your comments to [email protected]