Of course contractors must ask, How Much Does Builder’s Risk Cost? The short answer is: If you’re paying more than 5% of construction price, you are paying too much.
On average, the cost of Builder’s Risk Insurance ranges anywhere from 1% to 5% of the total construction costs. The exact cost depends on the following 6 factors:
- Cost of the Project. This will be the single most important item in determining your cost.
- Length of Project. It stands to reason that a project that will be completed in 90 days has less chance of being damaged by fire other other natural disaster than a project lasting a year.
- Exclusions in Policy. Some contractors just want the basic and cheapest policy. This can be expensive in the long run.
- Optional Coverage may include soft costs, earthquake coverage, flood coverage, legal fees, license fees and/or additional expenses that cover business income.
- Geographical Location of Project. Projects on the coast are subject
to greater risk of loss from hurricanes, wind and flooding than inland
locations. - Type of Construction. Frame structures are more susceptible to fire
and wind damage than masonry construction and are therefore more expensive to insure.
Because we specialize in Builder’s Risk coverage, we will get you the best rate. Call (877) 960 0221
October 19, 2021
One of the most important details about running a construction project, whether new construction or renovation, is the budget. Building owners and other insurable interests, for example, the construction company, all want to ensure that the project doesn’t lose money during the course of construction. Today, we’re going to talk about four ways that a business owner can save money while managing a construction project.
September 21, 2020
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August 19, 2020
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August 17, 2020
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July 22, 2020
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July 6, 2020
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July 1, 2020
The impact of Coronavirus on Builder’s Risk Insurance is felt by business owners. Depending on the wording of the policy it may no longer be providing […]
June 8, 2020
Things can go badly wrong when you buy the wrong cheap construction insurance. At the time, you may have been struggling with cash flow. Naturally, you […]
May 4, 2020
The more you know about Construction Insurance, the more you can protect your small contractor business. You don’t have to be an expert to get the […]
March 16, 2020
Can cheap Builder’s Risk insurance be good enough for your contractor business? Your home state’s mountainous terrain in the west and prairies in the east means […]
March 13, 2020
Builder’s Risk Contractor Insurance in Missouri costs only 1-5% of construction costs. Builder’s Risk Insurance is inexpensive protection for your business and construction projects. Are you […]
February 11, 2020
If you are a construction business owner, you already know that you need insurance coverage. But how do you know if Builder’s Risk Insurance is the one to have? Choosing the right insurance program can be harder than it sounds.
Here are 5 things to consider about Builder’s Risk Insurance.