Protect Your Construction Investment
Philadelphia’s construction landscape is defined by contrast:
Rowhome renovations in Fishtown and Point Breeze, large-scale multifamily projects in University City, commercial redevelopments in Center City, and steady upgrades across historic neighborhoods like Fairmount and Society Hill.
Every one of these projects shares a vulnerability — the period before the building is finished.
That’s where Builders Risk Insurance steps in.
Much of the city’s housing stock is more than a century old. When walls open up in places like Queen Village, Northern Liberties, or Brewerytown, contractors often encounter:
These surprises can create immediate and expensive setbacks.
Working within Philadelphia’s tight streets comes with unique complications:
In neighborhoods like Rittenhouse or Old City, even minor disruptions can ripple through the project timeline.
Philadelphia experiences:
Projects remain vulnerable until fully weather-tight.
Across active job corridors — including South Philly, Kensington, and the Market Street West district — materials frequently stored on-site include:
These items are costly to replace if stolen.
Below are common scenarios — and how a Builders Risk policy may respond:
Electrical damage from sudden events may be covered.
Sudden weather intrusion can fall under the policy.
Theft from off-site storage may be insurable.
Fire damage and debris removal can be covered.
Physical damage to the project itself may be included.
Optional add-ons often used in Philadelphia:
Any party with a financial interest in the construction should appear on the policy.
Developers building multifamily or mixed-use properties
General contractors handling large or complex jobs
Property owners undertaking full rehabs
Subcontractors installing high-value systems
Lenders requiring property protection before funds are released
In most cases, premiums fall between 1% and 4% of the total construction value, with older-building renovations often priced on the higher side.
Rates depend on:
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Sudden weather-related water damage may be included; long-term seepage typically is not unless endorsed.
Yes, if the policy includes vandalism coverage and appropriate security measures are in place.
Tools are usually excluded unless contractor’s equipment coverage is added.
Not by default — Philadelphia projects must add this separately if needed.
If you’re modifying structural components or replacing major systems, coverage is strongly recommended.
When the project is completed, occupied, or a certificate of occupancy is issued.
Protecting your building project needs special insurance suited to the area’s unique risks. At BuildersRisk.net, we provide custom Builders Risk policies to protect your investment from hurricanes, flooding, and other unexpected events.
Get in touch with us now or check out BuildersRisk.net to receive a custom quote and make sure your project stays on schedule regardless of the obstacles.
