Quick & Easy Builders Risk
Coverage
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Secure Your Construction Project.
NEW CONSTRUCTION
Builders risk policies for single structures are tailored to provide coverage for an individual construction project or building. This type of policy is well-suited for homeowners or contractors who need insurance for a single project within a specified timeframe, typically 12-months.
REMODELING / RENOVATION
Renovation or remodeling projects frequently necessitate insurance coverage for both the renovations and the pre-existing structure. Such policies are available for durations of 6, 9, or 12 months. The existing structure may be either included or excluded from the policy.
INCLUDED COVERAGES:
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Property Damage
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Theft
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Vandalism
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Fire or Lightning
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Arson
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Collapse
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Windstorm & Hail
ADDITIONAL COVERAGES:
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Earthquake / Flood
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Materials in transit
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Materials in temporary locations
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Ordinance or law
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Debris removal
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Fire department service charge
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Scaffolding, construction forms, etc.
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Back up of sewers, drains, or sumps
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Pollution clean up
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Scaffolding re-erection
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Valuable papers
Coverage Requirements
Individuals with financial interest in the completed project.
For Renovation policies, non-coastal existing structures up to 75 years old and coastal structures not more than 40 years old are eligible.
For a Builder or Contractor, at least 2 years of experience is required.
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What is Builders Risk insurance and why is it necessary?A Builders Risk insures a structure while under construction. This coverage safeguards the insurable interest of individuals or organizations in materials, fixtures, and/or equipment intended for installation during building construction or renovation. It ensures protection against physical loss or damage caused by covered perils. Often mandated by government regulations or as a stipulation for banking or contractual agreements, this policy does not extend coverage to workplace accidents, injuries, or liability issues.
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What factors affect Builders Risk insurance cost?Project Type: Remodeling Projects typically entail a higher cost depending if the existing structure is included along with structural changes. Location: Proximity to coastal areas, wildfire states, flood zones and Wind/Hail prone-areas often require higher rating. Construction Type Optional Coverages: such as Earthquake and Flood, if eligible in your area.
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Are installment plans or financing available?Yes, Installment Plans are available for premiums over $500.
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How do you determine the project value?Before selecting the appropriate policy or coverage options, it's essential to collaborate with the builder or owner to ascertain the overall completed project value. The term "total estimated completed value" encompasses all expenses associated with the construction and design of the Covered Property, encompassing labor, overhead, materials, and, if applicable, profit. Covered costs for the total estimated completed value may include, but are not limited to: Materials like windows, landscaping, and pools. Design expenditures such as architect fees, site lighting, existing facilities, analysis, and zoning modifications. Overhead disbursements such as payroll, utilities, and administrative fees.
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Is Premises Liability Included?No, Builders Risk’s policies do not provide coverage for liability coverage, this coverage will need to be purchased separately if required and something we can help you with.
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Why purchase a Builders Risk policy from us?We have been providing Builders Risk coverage to thousands of clients for over four-decades. We have a deep understanding of how to provide custom solutions that best suit your needs, and provide same day service. We only use A rated insurance carriers with the most competitive pricing and coverages due to our long-standing relationship with our carrier partners.
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How do I cancel coverage if the project is finished early?Builders Risk policies are fully earned premiums unless otherwise stated on the declaration page of the policy.
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How is the policy paid for?The payment link will be sent directly to the provided email address at time of issuing coverage. The customer can choose an installment plan (if applicable), and can either pay online by credit card or EFT or Pay-by-Phone.
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When will I receive my policy after ordering coverage?The policy will be issued immediately upon payment approval along with any certificates required for lenders and/or additional interests.
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How is a claim filed?Upon policy issuance, a 24/7 phone number and contact information will be provided to file any claims.
