In Tennessee, there are usually multiple people involved when you're starting a building project. You'll want to be covered from start to finish, and then some. Builders risk insurance can protect the construction and save you from financial ruin.
An independent insurance agent has access to several carriers so that you can get the best rates and coverage in town. They do the shopping for you at no additional cost. Connect with a local expert for tailored quotes today.
What Is Builders Risk Insurance?
Builders risk insurance in Tennessee will help cover the build-out process of a construction project. It can pay for the building of the structure before completion. Check out what builders risk insurance will cover when under construction.
- Acts of God, like tornadoes
What Does Builders Risk Insurance Cover?
In Tennessee, the size and value of materials will determine how much builders risk coverage is necessary. Once the structure is completed, you will replace the policy with a permanent one. Builders risk insurance pays for things like the following.
- Equipment on site
- Equipment in transit
- Delays in project scope
- Additional expenses that arise
- Loss of use
- Real estate taxes
How Much Is Builders Risk Insurance?
Every Tennessee commercial insurance policy will cost differently than anyone else's. This is because your premiums are unique and based on the coverage selected and personal data. Take a look at what your builders risk insurance cost depends on.
- Type of project
- Detail of the project
- Coverage selected
- The anticipated cost of completion
Are Construction Workers Responsible for Owning Builders Risk Insurance?
In a Tennessee build-out, the people with any financial interest in the project will need to be listed on a builders risk policy. If you're using a general contractor, they likely have their own commercial policies that include some form of builders risk per project they work on. This will typically only cover their interests and not yours. You will likely want to put the following on your policy.
- General contractor
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Do Construction Workers Need Builders Risk Insurance?
In 2019, Tennessee had $6,317,565,000 in commercial insurance claims paid alone. If you want to reduce your exposure during a building project, proper insurance is needed. Builders risk insurance is necessary when you are working on these things.
- A residential construction project
- A commercial construction project
- Remodeling your house
- Remodeling your commercial property
Does Builders Risk Insurance Cover Theft?
Your Tennessee builders risk policy is a type of inland marine coverage. Inland marine insurance covers theft and vandalism, and so does your builders risk policy. It will help replace and repair the following items.
- Building materials
- Items left out on a job site
In 2019, Tennessee had $1,153,112,000 in homeowners insurance claims paid. When you are remodeling or building new, your homeowners insurance won't usually cover the build-out process. For that, a separate builders risk policy is needed.
If you're building a new home, the contractor is usually the one who carries the insurance coverage. This is because they typically own the land and the construction until closing day. If you have a financial interest beforehand, ask to be listed as an additional insured on the policy.
How to Connect with an Independent Agent in Tennessee
If you're searching for the perfect protection for your project, consider using a licensed agent. Your build-out process shouldn't be left up to chance. Instead of being out thousands of dollars in a loss, builders risk insurance can help.
An independent insurance agent will quote your coverage for an affordable price. They have access to multiple carriers so that you get your pick of policy and premium. Connect with a local expert on TrustedChoice.com for custom quotes on your next project.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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