Do I need Builder’s Risk Insurance?

If you’re asking yourself this question, then you most likely need Builder’s Risk Insurance. Why? Well, if you have a financial interest in a construction project, you’ll need to have Builder’s Risk Insurance in order to cover your investment.

What is it and what properties are covered?

Builder’s Risk Insurance is property insurance customized for buildings that are under construction. This insurance covers both buildings and structures. It also covers anyone invested in the construction. From when the policy goes into effect to the completion of the project and everyone receives payment, this insurance covers you.

So, who needs this insurance?

• Property owners
• General contractor and subcontractors
• Lender (if project is financed)
• Architects and engineers (if not covered already)

Anything can happen during the construction of a home or any other structure. Therefore, it is vital that this insurance covers everyone involved in the job. Furthermore, it will also be beneficial to you to explore additional coverage options depending on the project’s location.

Generally, these extensions cover losses due to fire, lightning, hail, explosions, hurricanes, theft, and vandalism. Exclusions, depending on the location of the structure or home, are typically for earthquakes, floods, and wind in beach zones. However, you can still purchase them if the location is particularly vulnerable to these natural disasters.

Do I really need Builder’s Risk Insurance?

If you have financially invested in a construction project, your safest bet is to get Builder’s Risk Insurance. Contact a trusted and experienced insurance agency like Builder’s Risk Insurance for more details on how to get the best protection for your business.

Unexpected events can happen. Our Insurance program protects construction materials, HVAC equipment, labor costs, vandalism, scaffolding, signage, plants and trees, theft, cribbing, falsework, fencing, and fire.

For more details on how our trusted agents can assist you in getting the coverage your business needs, contact us at 855-480-2321 today!