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What You Should Know About Builders Risk

Fri, Jan 31, 2020 at 5:13PM

What You Should Know About Builders Risk

You may have heard about builders risk insurance before, but not be entirely sure what it entails. Sometimes referred to as ‘course of construction,’ this property insurance covers an insured building where construction is occurring. This spans a variety of potential events, such as fire, damage caused by severe weather, theft or vandalism, vehicle or aircraft crash, and more.

Builders risk insurance doesn’t cover the property of others, sub-contractors, tools and equipment, on-site worker accidents, and other situations. The good news is that there are a variety of affordable and innovative insurance solutions available to you. Read on to learn more about how you can protect yourself, your family, and your property with builders risk insurance.

Understand the Basics

Along with construction, this type of insurance typically also applies in the case of renovation and minor repair. This coverage can be purchased by either you as a homeowner, or by your contractor. Regardless, all involved parties should be named in the policy.

Determining whether or not you’re meeting minimum requirements can be a daunting task. That’s why it’s wise to partner with a dependable insurance firm well-versed in a variety of coverage options. These professionals can help you better understand and select the insurance solutions that work best into your goals and requirements.

Know Project Eligibility

For the most part, builders risk insurance policies pertain to new, “ground-up” construction projects. Some remodeling and installation tasks are also included. Certain coverages and limitations vary between different insurance providers.

In addition, some instances are excluded from coverage, such as employee theft, water damage, mechanical breakdown, effects from war, and similar. Speak with a reliable agent to learn more about this essential insurance.

Explore All of Your Options

Some people think it’s never too late to purchase insurance. The fact is that you’re not able to get builders risk insurance after a project has already started. In addition, changes to a project will also change your policy terms. If all of this sounds overly-complicated and cumbersome, it’s nice to know that dynamic insurance agents are standing by to help you with a variety of coverage needs.

In fact, since 2002 we’ve assisted countless homeowners just like you with the innovative and affordable insurance solutions we’re able to provide. That includes homeowners insurance, construction, automobile, business and commercial, flood, tree care, and risk management. Contact us today to learn more about all the ways you can protect yourself, your loved ones, and your property.

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