Builders Risk Insurance

General contractors and project owners can protect their investments in a construction project during the course of construction with the right contractors insurance policy in place. With builders risk insurance, your investments in time, materials, and even your equipment are protected from unintended incidents which could threaten your project.

A Builder’s Risk policy is designed to provide coverage for buildings while under construction. It covers the contractor’s interest in materials at the job site before they are installed, materials in transit intended for the job and the value of the property being constructed until it is completed and accepted by the owner. A policy may be written to cover the whole structure for New construction or the cost of Remodeling and Renovation projects. It can also be used to cover specific projects such as a new room addition, a deck or a remodeled kitchen.

Builders Risk Insurance

There are a lot of things that could happen while you’re working on a construction project. Halfway through a remodel, an unexpected fire destroys the work you’ve completed. A flash storm damages the materials you’re keeping on a project site. The tools and equipment you’re storing on-site are stolen and your completed work is vandalized. In all of these instances, you’ll face a loss. And those losses may not be covered by your traditional property insurance policy, either.

Builders risk insurance protects you from the incidents you can’t plan for, and helps you recoup your losses when the unexpected strikes.

What Does Builders Risk Cover?

When you’ve got a builders risk policy covering your construction project, you’re covered against losses which may include:

  • Theft of tools and equipment onsite
  • Fire damage to a structure in progress
  • Structural damage due to weather events
  • Vandalism to a structure in progress

Program Highlights

  • Total Insured Value up to $1.5 Million online and up to $3,999,999 on an online referral basis!
  • Replacement Cost Valuation Included
  • New Construction, Renovation and Existing Structure coverages available!
  • Extensions, inventory and model home policies available!
  • One to 4 Family Residential Units OK

The named insured of a Builder’s Risk policy is usually the contractor or developer of the property. However, it may be the building owner or homeowner if they are responsible for insuring the property while under construction. A mortgagee or lien holder may be added as an additional insured at no additional charge.

The standard deductible is $500. However, other deductible amounts are available and the deductible applies only once per loss. Higher deductibles will help to significantly lower your premium.

Builders risk insurance reimburses your business for losses if thieves steal copper wire or tools from your project site. It covers the cost to repair or rebuild if a fire or an extreme storm damages your project. Builders risk may also cover the cost of cleanup and clearing away debris so you can get back to work without delay.

You invest a lot into a project to see it through to the end. Builders risk protects your investment so you won’t pay the price for an unexpected loss which occurs before you’ve completed your work.

If You Own It, We Can Insure It!  Get Quote