Builder’s Risk insurance coverage doesn’t have to cost a fortune. Anything over 5% is too much. But first let’s find out why you need this coverage. Then you can decide whether it is worth the price. Last but not least, we’ll give you advice on how to find affordable Builder’s Risk insurance.
So, do you really need it? Yes! This is needed to protect the property and the under-construction structure during the course of the building project.
In the early stages of construction, the ground is left open while the foundation is being laid. The freshly-poured concrete could get damaged by storms.
Then, during construction, the property is largely left unoccupied when work is not being done on it. It is at risk from fire, theft of equipment, vandalism, damage due to natural causes, poor work or negligence.
Contractors are also responsible for debris removal and disposal, pollutant clean-up and disposal. Your affordable Builder’s risk insurance policy, also known as “course of construction insurance” protects the builder or contractor. It can also be purchased by property owners.
The policy also covers soft costs, or expenses not directly related to construction. For example is if property damage cause a delay.
The policy is limited to which of the following is earliest:
Note: It is different from a homeowners’ policy. Your homeowner’s insurance covers buildings that are already complete. You will have no coverage during a renovation.
Every project is unique, that’s why there are no standard policies or costs. The cost of coverage depends on location, size, project type, construction type, sum insured, optional coverage added, additional fees, taxes and period of testing.
The policy types may differ for new construction, renovation, remodeling. Analyze your risks and develop a good understanding of the principles and concepts of affordable Builder’s Risk insurance before you purchase a policy. At Builders Risk, we can assist you get the right coverage at the right cost.
Thoroughly examine your project risks and do regular assessments throughout the life of the project to get the coverage you need.
If you don’t live in a geographic location prone to high winds, forest fires or earthquakes, you don’t need coverage for these.
If the premium rate is more than you can afford, speak to us, we can get you insured correctly at the lowest cost.
There may be certain gaps in your umbrella coverage that can be patched up if you can zero in on them early. This can extend the limits of your policy if there’s a large claim.
Find out what your reporting requirements are and ensure that they’re in compliance with the project requirements.
It’s a good idea to purchase the best-priced general liability insurance for contractors from a well-established, trustworthy and reputed agent.
We have an A + rating on BBB. With access to a network of more than 18 National and Regional insurers, we can get you at least 3 quotes for you to compare.
Need affordable Builder’s Risk insurance? We are happy to help. Give us a call at (877) 960-0221 right away and speak to a licensed insurance agent.