Builders Risk Insurance
Builder's Risk Insurance covers your structure while it is under construction or renovation.
What is Builders Risk Insurance?
Builder's Risk Insurance, also known as course of construction insurance, is a crucial component for those involved in the construction or renovation of a building or structure. This policy provides coverage for damage to the construction project itself until it's completed and ready for use.
Why You Need It
1
To Protect Financial Investment
Builder's risk insurance safeguards your financial investment from unexpected events like fire, theft, or natural disasters that could significantly impact the progress and costs of construction.
2
To Meet Contractual Obligations
Many construction contracts require builder's risk insurance, ensuring all parties are protected against unforeseen damage to the project.
3
To Ensure Business Continuity
By covering additional construction costs resulting from covered losses, builder's risk insurance helps ensure that projects are completed despite setbacks, thus maintaining business continuity.
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What Builders Risk Insurance Covers
Construction Material and Equipment
Builder's risk insurance provides coverage for construction materials, equipment, and fixtures in the event of a covered loss.
Property Damage
This includes damage to the project caused by fire, theft, vandalism, and certain weather events.
Soft Costs
These are additional expenses related to the project delay caused by a covered loss, such as loan interest, advertising, consultant fees, and insurance premiums.
What Builders Risk Insurance Doesn't Cover
Not Covered
Accidents and Injuries
Builder's risk insurance doesn't cover accidents or injuries on the job site; this would fall under workers' compensation or general liability policies.
Not Covered
Poor Workmanship
Faults in design, planning, workmanship, or materials are typically not covered under builder's risk insurance.
Not Covered
Natural Disasters
Some natural disasters like earthquakes and floods may not be covered by default. You have to purchase these coverages as an add-on.
Reasons To Have Builders Risk Insurance Coverage
Builders Risk Insurance is a must have for businesses that need:
To Protect Financial Investment
Builder's risk insurance safeguards your financial investment from unexpected events like fire, theft, or natural disasters that could significantly impact the progress and costs of construction.
To Meet Contractual Obligations
Many construction contracts require builder's risk insurance, ensuring all parties are protected against unforeseen damage to the project.
To Ensure Business Continuity
By covering additional construction costs resulting from covered losses, builder's risk insurance helps ensure that projects are completed despite setbacks, thus maintaining business continuity.
What Does Builders Risk Insurance Coverage Cost?
Costs can vary based on your location and the specific type of work you perform. Here are some examples of builders risk quotes:
| Warehouse Renovation | New Home Construction | Home Addition | |
|---|---|---|---|
| State | OK | TX | KS |
| Existing Structure Limit | $0 | $0 | $0 |
| New Construction Limit | $1,575,000 | $830,000 | $550,000 |
| Policy Term | 12-Months | 2-Years | 16-Months |
| Soft Costs | Yes | Yes | Yes |
| Annual Premium | $3,838 | $7,486 | $6,432 |
Frequently Asked Questions
What Our Customers Are Saying
I’ve worked with Austin at LandesBlosch. He is upfront and honest, active in the community, and helpful even beyond basic insurance. I’d recommend LB to anyone.
Colton J.
I have been with Guy Landes and the LandesBlosch agency for almost 20 years. Guy Landes and his staff have been there for me and my entire family through several claims as well as guiding us successfully to ensure our family’s ever changing and growing business. Whether you are looking for personal or commercial insurance, you cannot find a more devoted and competitively priced group than the LandesBlosch Group!
Mike S.
Buying insurance can be a daunting task because of the complexity of each policy. LandesBlosch has been a game changer for my business. They held my hand through all the different options that my businesses may or may not needs to make sure I'm not underinsured. This reduces my personal stress and my business liability.
Dalton P.
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