Builders Risk Insurance

What is Builders Risk Insuance? Builders risk covers a person or company’s property during construction.  This property can include the building itself, as well as any materials, fixtures, and/or equipment to be installed. The policy is often a requirement in construction contractors or construction loan agreements.  It is important to note that builders risk covers…

Project Location The main factor in determining your builders risk insurance cost is where the construction project is located.  Insurance companies will based their territory rates based on historic loss history, proximity to fire stations and exposure to potential natural disasters such as wildfires, tornadoes and hailstorms.  Properties in coastal areas or very remote areas…

Homeowners policies aren’t always enough. Homeowners that are planning construction or renovation on their existing project should carry coverage that will protect against losses arising during the course of construction.  Typically, homeowners insurance will not be sufficient to cover such losses. The added benefit of having a builders risk policy is that it will minimize…