Renovation and builder's risk

• What the work is and how long it will takeScope and duration set the policy term and the amount insured
• Whether anybody will be living thereVacancy is the trigger for most exclusions in a standard policy
• The value of the work plus the existing structureBoth are insured
• Whether the contractor carries their own insuranceAsk for their certificate

General guidance, not advice on your own situation. The person you hire decides what applies to it.