Have you considered how your homeowners insurance will respond? Does your contractor or any subcontractors they use need to be insured? The short answer is all three of you need to be insured as each entities insurance would respond to different claims that could arise. Copy and paste this link in your browser for 9 things you need to know about insurance coverage is you are planning on remodeling soon...http://www.propertycasualty360.com/2015/03/17/home-remodeling-time-9-things-to-know-about-insura?eNL=550879d5150ba0f664e6adb6&utm_source=PC360DailyeNews&utm_medium=eNL&utm_campaign=PC360_eNLs&_LID=95337855