When you take on a big construction or renovation project, you take on big costs, too. Materials and equipment add up, so of course, you want to protect your investment the best that you can. That’s where builders risk insurance comes in.
What Is It?
A builders risk policy provides coverage on insurable materials, equipment, and fixtures that are installed or waiting to be installed on a construction project. The owner of the policy can file a claim if these items are lost or damaged throughout the course of a construction project.
Who Needs It?
A wide variety of people can purchase builders risk coverage. Most commonly, contractors, builders, and development or investment companies purchase the policy. However, homeowners who are doing renovations, house flippers, retail companies, and school districts also purchase these policies.
What Projects Are Covered?
Builders risk policies cover a range of situations. new construction of residential or commercial buildings, remodeling or expanding a property, or installing new fixtures into a property are all covered.
Whether you’re installing a new bathtub in your home or you’re building a brand new office building from the ground up, you deserve the peace of mind in knowing that your investment is protected. Purchase a builders risk policy to protect your investment until construction is complete.