Understanding Builders Risk Insurance Quotes
Contractors and property owners can financially protect the builder’s risk insurance policy during the construction (or renovation) of the property. Get Builders risk home insurance policies was developed to provide protection against specific hazards that construction sites may be exposed to. These threats include:
Fire
Vandalism
Theft
Lightning
Understanding Builders Risk Insurance Quotes
Builders’ risk insurance can be purchased from a number of different properties and projects, including:
- Housing renovation projects
- Commercial real estate construction projects
- New residential construction, both single-home and multi-home projects
Terms and Restrictions of Coverage
Builders’ risk insurance is not designed to offer the same permanent protection against risks as a traditional home insurance policy. Instead, builders’ risk insurance can be taken out and approved on a short-term basis, usually between 3 and 12 months.
When setting the limits for builders’ risk insurance policies, property owners and contractors should take into account the estimated completed value of the building.
This includes all materials in the workplace as well as labor costs, as investment in materials and labor will be lost if jobs are completely damaged.
What Builders Risk Insurance Does Not Cover ?
The builder’s risk insurance is not intended to cover liabilities arising from accidents or injuries to people in the workplace. The policy does not offer personal responsibility and should therefore be complemented by appropriate liability.
Nor does it provide benefits to employees who are injured at work, as is the case with an employee benefits policy. The builder’s risk insurance is also not intended to guarantee the work of any contractor or to compensate for damage caused by the contractor’s negligence.
Builders Risk Insurance Does Not Cover Some Activities
Your builders risk insurance policy can cover many, but you may be surprised to learn the following.
- Earthquake
- Flooding
- other water damage
- Mud or landslides
- Theft of employees
- military action
- Government actions, such as job closures due to code violations
- breach of contract
When does coverage begin?
Builders risk insurance policies are limited to losses that occur after the start of construction and before the end of construction. In other words, the cover must be in place for construction to proceed.
Optional Coverage
Depending on the projects insured by the construction insurance and the location of the property, there may be additional risks that must be covered. Additional coverage can be added:
- Loss of important documents such as drawings
- Certain hazards of traveling with dedicated materials
- Flooding
- Earthquakes and other earthquakes
Saving Money on Builders Risk Insurance
One of the biggest risks facing renovation or new construction on a construction site is the risk of fire. Having a fire hydrant or a fire department close to the workplace allows you to save costs when buying insurance.
Another way to save on construction insurance premiums is to get several quotes from different companies. In our agency, we work with several insurance companies and we can guarantee several quotes so that you can get the best affordable policy for your project.
Builders Insurance Coverage Protects
If you are planning a construction project, give us a call. Let us work with you to find builders insurance coverage that will protect your projects, wallet and investments.
We can combine this with the builders risk insurance needs of many of your other employees, such as bonds, liability and employee indemnity insurance, to create a complete insurance portfolio for your company.
So if you want to compare quotes for free, visit our site today.
- Get free compare rates quotes from visit our Gethomeownersinsurance.net
