“Builders risk insurance” is an insurance policy that provides coverage during construction or renovation. This insurance policy protects you from explosions, theft, fire, lightning, wind, and storms. As long as your property is still under construction, builders’ insurance will ensure it can be completed.
Coverage for builders isn’t a standard policy. The policy can vary depending on the construction budget, location, coverage, and timeline. If you are a property owner, architect, contractor, investment company, building, or homeowner, builders’ risk insurance will greatly benefit you. A builders’ risk insurance will protect you from property damage and against bodily injury claims from non-employees. Builders’ risk insurance will save the day if you fix or replace damaged property.
Before we help you decide on the right policy to protect your property, we will put you through what coverage to expect from a builders’ risk insurance policy. Some of the benefits you will be getting include.
- Property damage through fire, vandalism, theft, collisions, high winds, explosions, and earthquakes.
- The cost of repairing or replacing construction equipment.
- Construction materials like documents or data.
- Bodily injury claims from non-employees
Knowing what builders’ risk insurance doesn’t cover is as important, and it includes:
- Damage caused by natural hazards like floods and earthquakes near a fault line
- Injuries suffered by workers
- Employees theft
- Wear and tear
- Rust and corrosion
- Mechanical breakdowns
- Accidents
If builders’ insurance sounds like what you need to kickstart your building project, contact us, and we will guide you through the process.
