Compare Builders Risk Insurance in Florida
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📌 What Is Builders Risk Insurance?
Builders Risk Insurance - also called Course of Construction insurance - protects buildings and construction projects while they are under construction, renovation, or repair. It typically covers:
- Damage to structures under construction
- Building materials, equipment, and supplies on-site, in transit, or temporarily stored off-site
- Fire, theft, vandalism, and certain weather-related risks
- Soft costs (optional) such as permits, design fees, or loan interest if a covered loss delays the project
It is a short-term policy that usually lasts for the duration of a project, with options to extend if construction takes longer than expected.
💼 Who Needs Builders Risk Insurance?
Any party with a financial interest in a construction project should secure Builders Risk coverage, including:
- 🛠 General Contractors – responsible for the overall construction project
- 🏗 Property Owners & Developers – protecting their investment during construction
- 👷 Subcontractors – if required under contract
- 🏢 Commercial Builders – offices, warehouses, retail centers, mixed-use projects
- 🏠 Residential Builders – new homes, multifamily developments, custom renovations
- 🏬 Renovation & Remodeling Contractors – protecting work in progress for tenant build-outs or upgrades
Typical Builders Risk Premiums by Project Type (Florida)
| Project Type | Premium |
|---|---|
| Residential Homes | $8,000 |
| Multifamily Projects | $15,000 |
| Commercial | $22,000 |
| Renovations | $6,000 |
| Mixed-Use | $18,000 |
*Premiums vary by project value, timeline, location, construction type, and coverage options selected.
Average Builders Risk Claim by Project Type (Florida Area)
| Project Type | Claim Amount |
|---|---|
| Residential | $400,000 |
| Multifamily | $850,000 |
| Commercial | $1,200,000 |
| Renovations | $300,000 |
| Mixed-Use | $950,000 |
*Estimates vary; actual claim costs depend on project scope, type of loss, and coverage structure.
🌐 Serving Builders Nationwide
Insurox offers Builders Risk coverage across Florida, including major cities and coastal areas.
📈 Why Get Builders Risk Insurance Through Insurox?
- ✅ Access to 150+ insurance carriers
- ✅ Tailored coverage for ground-up construction, remodels, or tenant improvements
- ✅ Flexible terms aligned with your project timeline
- ✅ Fast COI issuance for lenders, investors, and municipalities
- ✅ Bundle with General Liability and Workers’ Comp for complete protection
- ✅ Expertise in handling construction-related claims
Doing Business in Florida
Florida’s booming construction market, from coastal high-rises to inland developments, makes Builders Risk insurance essential amid hurricane season and rapid growth. Whether building luxury condos in Miami, renovating resorts in Orlando, or constructing commercial spaces in Tampa, proof of Builders Risk is required by lenders, HOAs, and local permitting offices.
Many projects also require surety bonds and compliance with Florida building codes, which Insurox can help secure alongside your coverage.
Related Insurance Options
🔍 What Does Builders Risk Cover?
| Covered | Not Covered (Typically) |
|---|---|
| Fire, theft, vandalism, wind, hail (depending on policy) | Earthquake & flood (may need separate policy) |
| Building materials on-site, in transit, or storage | Employee injuries (Workers’ Comp) |
| Scaffolding, temporary structures, fencing | Existing structures not part of renovation |
| Debris removal and cleanup costs | Wear and tear, faulty design, or poor workmanship |
| Business income & soft costs (if endorsed) | Intentional acts or fraud |
Real-World Builders Risk Coverage Examples in Florida
🏠 New Home Construction Fire
Scenario: A single-family home in Florida under construction suffers fire damage before completion.
Coverage: Builders Risk pays to rebuild the structure and replace damaged materials.
🏗 Commercial Renovation Theft
Scenario: Copper wiring and HVAC units are stolen from a commercial build-out site overnight.
Coverage: Builders Risk reimburses for stolen materials and repairs to the premises.
🏬 Mixed-Use Development Windstorm
Scenario: High winds from a tropical storm damage partially installed roofing on a Florida mixed-use project.
Coverage: Builders Risk covers repair costs and soft costs (if endorsed) for project delays.
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📌 Helpful Local Resources for Florida Construction Projects
❓ Local FAQ – Builders Risk in Florida
Is Builders Risk insurance required in Florida?
Not by state law, but it is standard practice. Lenders, investors, HOAs, and local municipalities typically require Builders Risk before funding or permitting. In hurricane-prone areas, enhanced windstorm coverage is often mandated alongside standard Builders Risk.
Who should be named on a Builders Risk policy?
Typically the property owner or developer, with general contractors and lenders as additional insureds or loss payees. Align named insureds with loan docs and contracts to avoid disputes.
What is the policy limit based on-and how do I set it correctly?
Set to the completed project value including labor, materials, and soft costs. Underinsuring triggers coinsurance penalties-critical in Florida’s high-value coastal projects.
Does Builders Risk cover theft-including subcontractor theft?
Outside theft yes; employee/contractor theft typically excluded. Consider Crime/Fidelity endorsement for high-risk materials like copper in Florida jobsites.
Does Builders Risk cover renovation and tenant improvement projects?
Yes, with endorsements for existing structures. Essential for Florida’s hotel and condo renovations.
Does Builders Risk cover flood or hurricane?
Flood excluded-requires separate NFIP/private flood policy. Hurricane wind may need windstorm endorsement from carriers like Citizens or private markets.
What are soft costs, and should I include them?
Interest, fees, taxes during delays. Vital for Florida projects with tight schedules and high financing costs-add the endorsement.
When does the policy start and end?
Starts at groundbreaking/material delivery; ends at completion, occupancy, or expiration. Switch to permanent property insurance promptly.
Can the policy term be extended if my project takes longer than expected?
Yes, request extensions pre-expiration. Common in Florida due to permitting, supply chains, and storm delays.
Does Builders Risk replace General Liability and Workers' Compensation?
No-Builders Risk is property; GL covers third-party liability; WC covers employees. Bundle all three for Florida compliance.
