It doesn’t matter if you’re building a breathtaking skyscraper or a beige-bricked strip mall, every project faces the same kind of dumb problems that can hold up construction. So if you want finish on time and on budget, protecting your real-life Lego pieces should be priority Number 1.
Our independent agents know the ins, outs and all-arounds of builders’ risk insurance and will help you find the protection you need to push your project past the finish line.
In a well-built nutshell, it’s a policy that will help pay to repair, replace or recover the current value of a construction project, including labor costs, if there’s damage due to a number of causes (pending coverage).
If financing is involved, most likely. If not, it’s up to you, but you’d have to have an intervention-worthy gambling addiction to not have it. The stakes are too high-to skip or skimp on coverage.
If you’re constructing a stadium, builders’ risk is a no-brainer, but if it’s a new house or light remodeling, coverage might be trickier. A start-from-scratch home will most likely be a solid “Yes,” but renovations to existing structures will depend on how much value you’re adding to the home. Best ask an agent for suitable options.
The act of building anything will always involve an industrial-sized dumpster of bad things that can damage, derail or delay the project. Having the right builders’ risk insurance can keep your structure from crumbling to the ground, so you can finish construction without going bankrupt… or getting yelled at.
A builders’ risk insurance policy protects a construction project and almost everything that’s part of the process as soon as it’s on location, including the actual structure and even those pungent-smelling porta potties.
The biggest difference between policies is what they protect against, like fires, explosions and falling objects.
Builders’ risk insurance policies will fall into three different forms of coverage: basic, broad and special.
The cost depends on the coverage and a number of other factors, one being the end value. If you’re building a drive-thru taco stand on the outskirts of town, you might only pay $200 a month, but if you’re constructing a monumental skyscraper in the heart of a city, you might be looking at $5,000 a month.
Typically, a policy will last three, six or twelve months, and can usually be extended at least once if the building is not completed. Coverage can continue for up to 90 days after completion or until ownership is transferred from the general contractor or the building is occupied.
Our gifted agents will review your needs and help you evaluate the builders’ risk Insurance coverage that makes the most sense. They’ll also compare policies and quotes from multiple insurance companies to make sure you have the right protection in place. So, you’ll have that going for you.
Independent agents will walk you through a handpicked selection of sweet builders’ risk insurance policies. Not only that, they’ll cut the jargon and clarify the fine print, so you know exactly what you’re getting.
Most importantly, they’ll be there to help you file a claim. With strict timelines, getting fast claims service will be essential in order to complete your project and stay within your budget.