Residential Builders Risk Insurance
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Residential Builders Risk Insurance
If you have a home construction or renovation project, a Residential Builders Risk policy is crucial for protecting your investment against unexpected events. Let our experienced agents take a look at your project and find you the best coverage.
What Is Residential Builders Risk Insurance?
Builders risk insurance is an important component of residential project construction. Unlike homeowners insurance, builders risk insurance covers the unique risks of building or renovating a home.
Builders risk insurance protects your building, materials, fixtures, and equipment used in construction or renovation.
Residential Builders Risk Projects
Residential builders risk insurance offers tailored coverage for a variety of construction projects, ensuring comprehensive protection for property owners and contractors. Some of the common projects we insurance include:
- New Home Constructions
- Home Renovations
- Kitchen Remodeling
- Custom Home Builds
Residential Builders Risk Insurance Coverage
Here are some common coverage areas and customization options:
Standard Coverage
Fire: Protection against damage caused by fire.
Theft Coverage for stolen materials or equipment.
Vandalism: Insurance against intentional damage by third parties.
Natural Disasters: Includes storms, earthquakes, and other natural events.
Customizable Coverage
Specified Locations: You can specify covered locations, including transit and temporary storage sites, to ensure no coverage gaps.
Covered Property: Define what constitutes covered property to tailor the policy to your project’s specific needs.
Insured Parties: Identify the insured parties to ensure all stakeholders are protected.
Residential Builders Risk Insurance Costs
The cost of residential builder’s risk insurance can vary significantly depending on several factors, including the size and value of the project, the location, the duration of the construction, and the coverage limits.
Here are some average builders risk costs that can help you understand what to expect.
Average Monthly Cost:
- For smaller residential projects with values between $100,000 and $200,000, monthly premiums typically range from $120 to $300.
- For larger residential projects, with values between $500,000 and $1 million, monthly costs can range from $400 to $1,500.
Average Yearly Cost:
- For a smaller residential project, the annual premium generally ranges from $1,200 to $3,000.
- For larger residential projects, annual premiums can range from $3,500 to $9,000.
Get A Builders Risk Quote Today
If you want to get an exact cost for Residential Builders Risk Insurance, we encourage you to get quotes now from our experienced agents.
Our experienced agents are well versed in all commercial projects. After understanding your construction project, our agents can usually reduce policy prices through additional discounts of 10% to 15% from the instant quotes you receive.
We provide the finest comprehensive plans for your business by providing:
- Knowledgeable, licensed insurance agents
- Same-day coverage in most instances
- Coverage from A-rated insurance companies
- Ability to offer policies nationwide
- The lowest price for the best Insurance coverage in the industry
