Builders Risk Insurance
What is Builders Risk Insurance?
Builders Risk Insurance, often known as course of construction insurance, is essential for the construction industry. Whether it’s for remodeling, renovation, or new, “ground-up” residential and light commercial projects, this insurance plays a pivotal role. It offers robust coverage for loss or damage to materials, fixtures, and equipment used during construction, protecting projects up to $10 million per job site and up to three stories.
It’s a common misconception that a standard homeowners or property insurance policy will cover damages during construction or renovation. In reality, these policies may not cover such damages, making Builders Risk Insurance crucial to fill this gap and safeguard your investment against the unexpected.
Who Needs Builders Risk Insurance?
Builders Risk Insurance is necessary for anyone involved in building or renovating. This includes general contractors, property owners, and homeowners. For those securing a construction loan, lenders typically require this type of insurance to protect the project.
This specialized policy is designed to cover incidents that standard business or homeowners insurance might miss. Given the heightened risks associated with construction sites—such as fires, vandalism, theft, and natural disasters—it’s prudent to confirm that your general contractor has adequate Builders Risk Insurance coverage.
Key Features and Benefits
- Flexible Terms
- Competitive Pricing
- Prorated Options
- Multiple Deductible Options
- Extension Options
- Theft and Vandalism Coverage
Eligible States
Our Builders Risk Insurance is available in several states, including AL, AZ, FL, GA, LA, MS, NC, SC, TN, TX, and VA.
