Builders Risk Insurance is a specialized type of property insurance designed for residential or commercial buildings under construction or renovation. Builders Risk protects a person’s or organization’s insurable interest in materials, fixtures, and equipment during the construction or renovation process. Every construction project is different so communication with your Agent is key when quoting and issuing a Builders Risk policy.
During construction, your project is at risk for loss or damages that could be financially devastating as well as delay the project completion. Builders Risk Insurance provides protection during building, remodeling, or installation.
Protect your project from:
When considering Builders Risk Insurance, please consider the following:
- Find an experienced Agent or Agency- Harris Insurance has extensive experience with Builders Risk and can work with our markets to insure your construction or renovation project. Harris Insurance offers coverage for residential and commercial projects in Florida valued up to $75 Million.
- Consider All Potential Exposures- Do an inventory of all materials onsite as well as those that will be in transit or in temporary storage. Whatever level of coverage you choose, carefully review your policy to ensure you don’t have any surprise exclusions. Ask you Agent to help you decipher your policy paperwork.
- Know When Your Coverage Begins and Ends- Builders Risk Insurance typically begins on the date that the contracts are signed but you should double-check this with your policy paperwork. Your policy will also state specifically when coverage will end. Sometimes Builders Risk policies end with an expiration date and sometimes they cancel automatically when the property becomes occupied or put to its intended use. Make arrangements with your Agent to transfer to permanent property insurance after construction or renovation is complete.
