Builders Risk Insurance
Builder’s Risk Insurance is critical for anyone building a new home or structure, or your building is damaged during the course of a construction project, you will be covered.
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Builders Risk Insurance
Builder’s Risk Insurance is critical for anyone building a new home or structure, or your building is damaged during the course of a construction project, you will be covered.
Starting from $30/month.
Builder’s Risk Insurance is for anyone building a new structure or addition as it protects you during the course of a construction project. Coverage includes the building, construction materials on site and liability in case of damage of physical loss due to an insured event like theft, vandalism or fire.
What’s Not Covered
A Builder’s Risk Insurance policy expires after project completion so does not cover any damages after that point. Also not included is water damage, mechanical breakdowns or faulty design, planning and materials.
Who Needs It
Anyone looking to build a structure or do renovations must protect themselves. Homeowners, construction companies, general contractors doing renovations, real estate developers and business owners of all kinds need it.
Why It’s Important
Even an accident can lead to major financial loss. Damage can vary widely so why take the risk? You could lose your business if something goes wrong due to prohibitive repair or legal costs. No one in their right mind should go without it.
The cost of Builder’s Risk Insurance varies, depending on the project you are undertaking and the services you offer, if you are a business. will vary based on the project and the services you offer. Other factors that influence your costs include the value of a building you are renovating, the type of project you are taking on, hard and soft costs to doing your project and any previous insurance claims you might have made. Wise to speak to a broker.
Also to Consider
You also want to factor in costs during a building project as well; regular expenses that help make your project run smoothly. Builder’s Risk Insurance is quite comprehensive so it’s important to speak to a broker in designing your policy. It can take care of:
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