Does Your Home Renovation Qualify For Building Insurance?

Building insurance isn’t only for general contractors and developers.  This insurance is specialized property coverage for building projects, and your renovation may qualify. Let’s look at what Builder’s Risk insurance is and if you need it.

What is Builder’s Risk Insurance?

This building insurance is specific to certain types of construction projects.  It includes the building of new structures and buildings from the ground up, as well as changes to existing buildings.  This could be the restructuring of a building such as adding a staircase or mezzanine.  It could be reinforcing the foundations.  It also applies to renovations, from large commercial projects down to residential homes.

Why does your renovation need building insurance?

To begin, check if your homeowners’ policy provides you with coverage to renovate your house.  Most homeowners policies do not include coverage for construction, renovation or making additions.  This means that without a Builder’s Risk policy, your home will not be insured when you embark on renovations.

A Builder’s Risk policy is supplementary insurance that you can get if you do intend to make additions or renovate your home.

What coverage does Builder’s Risk insurance give you?

This building insurance is tailored for the policy owner.  There are some things that are common to many policies, but no two policies will be the same.  Typical events that are covered include:

• Fire damage.  A fire can easily start on a construction site due to the operation of power tools.
• Theft.  This is very common on a building site; small tools, power tools, materials and equipment are frequently stolen.
• Wind or Hail damage.  High winds can damage temporary structures and an exposed building is susceptible to damage from the elements.
• Vandalism. This is a senseless crime and vandals can cause expensive damage to a site.

Your policy as a homeowner may include these items, and some others too. You can get coverage for things that you will acquire in the course of the renovation, things you don’t have when the work starts. This could include the garage that is being built, or equipment such as a lawn mower that you need to buy during construction.

Where can you get building insurance for your renovation?

Insurance can be complicated and it makes sense to speak to an expert before you buy a policy. A Builder’s Risk policy is tailored particularly for your needs and our agents at Builder’s Risk.net have the knowledge to assist.  We understand construction and the risks involved, and how to write your policy so you get the protection you need.

How can you get your building insurance?

All it takes is a phone call.  Our agents will ask you some questions to understand what you need.  They will then shop around on your behalf to find the best policy for your needs, at the best rates.  If you plan to renovate your home call Builder’s Risk at 877 960 0221 and get the protection you need.