Builder’s Risk Insurance

Secure Your Construction Project with Builder’s Risk Insurance

A basic builder’s risk insurance policy is designed to provide property damage coverage for new buildings or renovation projects during the construction phase.

Whether contractors and project owners are launching a new construction project or engaging in extensive renovations, Statewide Commercial Insurance Brokers is dedicated to guiding them through the process of securing builder’s risk insurance coverage that is tailored to protect their projects from property damage. Builder’s risk insurance offers the financial safeguard necessary to proceed with confidence from start to finish.

What Does Builder’s Risk Insurance Cover?

Here’s what a basic builder’s risk insurance policy typically covers:

• Building and structures under construction: This includes the physical structure that’s being constructed, renovated, or repaired. It protects against damage to the building itself due to a wide range of risks, including fire, wind, vandalism, and more, up to the limits specified in the policy.
• Materials and supplies: Builder’s risk insurance covers materials, supplies, and equipment located at the construction site. This encompasses everything from lumber, bricks, and steel to fixtures and fittings that will be permanently installed in the finished structure.

With this insurance in place, you can confidently navigate the challenges of construction knowing that your investments are secure. Contact us today to learn more about how our builder’s risk insurance can protect your construction projects.

The Critical Role of Builder’s Risk Insurance

Without builder’s risk insurance, your projects are exposed to significant financial risks. If the building or structure under construction is damaged by fire, wind, vandalism, or other covered events, you would need to bear the full cost of repairs or reconstruction, which can be exorbitant. Additionally, any materials, supplies, and equipment on site would not be covered. This lack of protection could lead to severe financial strain, project delays, and potential business failures.