Builder’s Risk Insurance

Builder’s risk insurance generally covers the same things that regular property insurance does - damage from theft, fire, vandalism, wind, hail, and other accidental loss or damage to the property. The coverage usually lasts until the building or structure is completed and/or accepted by the owner. However, it is important to keep in mind that builder’s risk insurance does not cover losses that occur before the project started or after it is completed. Builder’s risk insurance also differs from a Surety Bond, which protects the buyer from financial losses he may incur if the contractor fails to complete a project.

A builder’s risk insurance policy is a wise decision for people who have a financial interest in property construction. This includes residential or commercial construction, new construction, remodeling, or a renovation project. Some trade associations and financial lending institutions have made it a practice to ask for builder’s risk insurance, especially on high value projects worth a million dollars or more.

Some companies offer additional coverage for damage from earthquakes and floods with builder’s risk insurance. There can also be additional built-in benefits, catering to the specialized needs of a particular construction site – both commercial and residential. Keep in mind that some insurance companies ask for a certain level of experience on the part of the builder before they provide insurance for their commercial sites.

If you are concerned about soft costs like financing, accounting, additional property tax, any loss of income incurred from damage to property and accounting, you can find insurance companies that offer these as features of a builder’s risk insurance policy.

At Berg Insurance we change the way people buy builder’s risk insurance. We help you understand and analyze different kinds of coverage and research competing agencies so that you can get the best builder’s risk insurance quotes. We are sensitive with first time buyers of insurance and offer information and advice in a way that is simple to understand. At the same time, seasoned insurance buyers trust and depend on us for assistance. To find out more about our services, get in touch with us toll free at 800-989-7990.