Who needs, how it works and how much costs.
Builders Risk Insurance is specially designed to protect buildings and structures that are being built or renovated. Not only does it cover the cost of construction additionally covers the equipment used at the project. Builders Risk Insurance can include protection for materials, equipment added to the property, such as elevators and HVAC systems, labor costs and expenses, as well as temporary structures such as scaffolding and even landscaping.
This depends on who will perform the construction. Will the owner be the GC (General Contractor), or will they hire a GC? These are the two most common situations. In both positions, the owner or the GC should obtain a Builders Risk Insurance. Where there is a lender, they will require coverage before the loan is funded. The coverage will name the lender as an additional insured in case of a loss.
Remodeling of a building, either structural and/or cosmetic work.
In addition to the materials, a Builders Risk Insurance also helps to cover the following items:
Building codes can change a great deal from the start of the project through its completion. In the construction project and causes a delay or loss in profits, Course of Construction Insurance will help cover that loss.
When a fire or other covered cause of loss occurs at the project site, pollutants may be released causing damage to land and/or water; Course of construction Insurance will cover you from these events.
Contractors will often store important expensive material and equipment off-site that will be used in the course of the project. With Builders Risk Insurance these items will be covered while they are in storage or in transit.
This depends on who will perform the construction. Will the owner be the GC (General Contractor), or will they hire a GC? These are the two most common situations. In both positions, the owner or the GC should obtain a Builders Risk Insurance. Where there is a lender, they will require coverage before the loan is funded. The coverage will name the lender as an additional insured in case of a loss.
Fill out our quick quote form to get an instant estimated quote online.
Our agents go shop A-rate insurance carriers to find you the best coverage at the lowest price.
We review the best options for your company and let you decide on a policy from 3+ options from different carriers.
Once you’ve picked your perfect policy, choose your payment plan to get started.
Receive your certificate quickly and your coverage officially begins.
We work with the TOP 3 companies that represent 80% of the market for Course of Construction Insurance. Our alliance with these carriers guarantee better rates for your policy; However, on average, the Builders Risk Insurance policy cost ranges anywhere from 1% to 5% of the total construction cost.
This will be the single most important item in determining your cost. The following factors will also play a role in your final cost.
This will be the single most important item in determining your cost. The following factors will also play a role in your final cost.
Projects on the coast are subject to a greater risk of loss from hurricanes, wind, and flooding than inland locations. Accordingly, these policies will be more expensive. FEMA has a map of high-risk areas.
Get a quote for Builders Risk Insurance by filling out our short form or contacting our specialists directly.
