What is Builders' Risk Insurance?
Answer: Builders' Risk Insurance is generally a policy that would be purchased before construction starts. Policies may be designed to cover the cost of the building(s), materials not yet installed, and liability for the named location(s). The end cost of the project is used as the base for calculations of premium. Because of this there are discount factors applied to the policy, since the exposure to the insurance company will not be for the full amount of the building at the start of the policy. Special care needs to be taken to correctly build a policy for this type of risk. We suggest you contact us at 607-843-8860 or insurance@drickardinsurance.com well before the start of construction so we may provide you with pricing for this early in the planning process so you have the costs of this unique and valuable insurance included in the total cost of your project. You will need to buy Builders Risk Insurance before you begin construction.
Builders Risk insurance policies may be used for 1 to 4 family houses that are new construction and are commonly called Personal or Residential Builder's Risk Insurance Policies. These include out buildings for personal use on a residential premises.
For buildings with business uses, Commercial Builder's Risk Insurance is the most appropriate choice.
If you have already started on your project and your building is partially completed you need Property Under Renovation Insurance.
NOTE: Many Personal or Commercial Insurance Policies will not cover a building in the course of construction or undergoing major renovations.
607-843-8860 or insurance@drickardinsurance.com
<-Back to Builder's Risk Insurance
All prices, programs, features, underwriting, offers, representations and companies shown in this site are subject to change without notice. We may add or discontinue a company or program or an insurer may change underwriting criteria or product line availability without notice to us. With the insurance industry constantly changing we may not be able to keep the site up with the latest information. For the up to date info please contact us. All insurance applications are always subject to current underwriting rules, acceptance of the insurer and adequate premium paid.