Builder’s Risk Insurance
The Builder’s Risk Insurance policy is designed to cover a range of items awaiting installation while your home or structure is under construction or even under renovation. Your policy will be determined by the variety of construction you are performing such as, ground-up new construction, installation, and remodeling. Each new project has different risks, therefore each project is classified as either a commercial or residential risk. With all the different terminology and varieties of policies, searching for the right Builders’ Risk Insurance can be difficult. Contact us today and let New Redwood Insurance Services guide you through the application process.
When you hire us, we work for you, not for the insurance companies.
Frequently Asked Builders’ Risk Insurance Questions
What are the different types of Builders’ Risk policies?
As mentioned above, builders’ risk insurance policies are typically applicable for three types of construction: new construction, remodeling, and installation. You can customize your policy to fit your construction needs. Those policies types usually include the following:
- Location specific/Single project
- Reporting forms
- Blanket policy
- Blanket installation policy
Where location specific are direct, blanket policies and reporting forms tend to be more complex with more room for customization, such as including multiple projects under one policy. The experts at New Redwood Insurance Services will help you through each type of policy and help you choose the best option.
What exposures does builders’ risk cover?
Every new construction project comes with its own unique risks. Your policy should offer coverage for vandalism and even theft, as well as coverages such as flood, earthquakes, windstorm, ordinance, income, and extra expenses. Builders’ Risk coverages even extend to your materials, any temporary structures, scaffolding, fencing, signs, and landscaping.
Be cautious, a typical Builders’ Risk Insurance policy will not cover liability claims, like a slip and fall. This exposure should be covered with added liability insurance.
My home project is finished, what happens now?
When you finish building your dream home and move in, it is time to purchase homeowners insurance. Please note that homeowners policies are typically issued to occupied homes. You may even save money since your home is newly built. Contact New Redwood Insurance Services for more help customizing your policy to fit your exact needs.