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What is builders risk insurance?

Builders risk insurance is insurance coverage designed specifically to protect buildings and structures that are under development, renovation or construction as well as the equipment being used in the construction project. In addition to the materials, labor and expenses coverage, builders risk insurance also helps cover the costs of debris removal and defective workmanship. A builders risk insurance policy helps cover the owner, the general contractor, subcontractors, and the financing bank.

The coverage can be especially important if you are working with materials that are prone to damage, or if you are working in an area that is prone to severe weather. It is also important coverage that protects your investment from unforeseen risks. Be sure to work with an Insurox insurance agent when choosing the type and amount of builders risk coverage you need.

Developers, builders and contractors take on big risks every day.
Smart developers, builders and contractors insure their buildings
under construction with a builders risk insurance policy from Insurox.

How long does a Builders risk insurance policy last?

Normally the insurance lasts 3, 6 or 12 months, and you can extend the term at least once if the building is not completed. The coverage ends when the building is completed or occupied. Insurox agents can help you sort through the different coverage options and give you a builder’s risk insurance quote.

Builders risk insurance policy covers:

Labor expenses
Temporary structures
Trees, shrubs, sod and plants
Construction signs
Underground pipes
False work

What Builders risk insurance doesn't cover

Builders risk insurance generally does not cover the property of others. There is also no coverage for malfunctioning tools or equipment. The reason behind this is that these materials usually have manufacturer warranty. Builders risk insurance also offers no coverage for liability. Accidents in the job site are also not covered because they are usually covered by a separate policy, i.e. workers compensation.

Builders risk insurance policies do not cover accidents and injuries at the workplace or liability risks. They will also exclude certain acts of nature, such as earthquakes and floods. You can get quotes and buy flood insurance and earthquake insurance separately from Insurox.