WHAT IS BUILDER’S RISK INSURANCE
Whether you’re building a new home, developing a site or reconstructing an existing structure, making sure your construction project is covered is important for protecting your investment/ Builders Risk Insurance , often called Course of Construction Insurance , is designed to protect your interest in material and equipment needed for the job from physical loss or damage
In most cases a policy covers labor, materials and equipment used during the course of the construction project.
WHAT’S NOT COVERED?
Earthquake, flood or wind are typically not covered in coastal areas often need additional coverage unless specifically added to the policy.
IS IT AFFORDABLE?
A builders risk policy will typically cost 1% to 5% of the total construction budget, and can be customized to meet the needs of the customer.
HOW LONG DOES IT LAST?
Typically the policy lasts 3, 6 or 12 months, but can be extended until the project is completed or the structure is occupied. A new policy is needed when project completes.